More than eight out of ten brokers use the affordability calculators of up to six lenders when sourcing a single case, new research from mortgage technology expert Mortgage Brain has revealed.
Attendees of Mortgage Brain’s Virtual Mortgage Vision Masterclasses in March were polled on their habits when sourcing deals for clients. The survey found that 84.5% of advisers visit the affordability calculators of between one and six lenders on each case, while more than half (58%) rarely use an affordability calculator from a non-top 10 lender. Affordability Hub, Mortgage Brain’s affordability-based sourcing system, has been designed to help brokers in this exact position, allowing brokers to run a case through the affordability calculators of 35 lenders in a single step.
The study identified other occasions when brokers spend large amounts of time on manual tasks, with more than four-fifths (81.5%) of brokers spending more than 15 minutes keying in the details for a Decision in Principle (DIP) or full mortgage application. Brokers using Mortgage Brain’s Lendex system don’t suffer from this labour intensive exercise however, as its integration with The Key, Mortgage Brain’s CRM system and product sourcing system MortgageBrain Anywhere, means that brokers can submit DIPs or full applications to a host of different lenders, through a single login, and without having to rekey important case details.
More than 2,000 mortgage brokers registered for Mortgage Vision, which consisted of eight free-to-attend masterclasses featuring thought-leadership content from industry leaders including Pepper Money, HSBC UK and Skipton Building Society for Intermediaries. Subjects covered in the sessions ranged from adverse credit and underwriting and credit risk to insights from the self-employed and high LTV areas of the mortgage market.
Neil Wyatt, Sales and Marketing Director at Mortgage Brain, said:
“The feedback from our Mortgage Vision Masterclass events has been fantastic; there is no question that the many brokers who attended benefitted from thought-provoking sessions and are now better equiped for dealing with today’s mortgage market.
“However, our survey shows that many brokers are still spending significant amounts of time on manual jobs like repeatedly keying in client data on lender websites. At Mortgage Brain we are committed to transforming the way technology can help mortgage brokers become more efficient, making it far easier and quicker to source the products their clients need and cut out some of those time-intensive tasks.”
