Leading lenders who account for over 60% of mortgages transacted in the UK have agreed to verify key product details on Mortgage Broker - the sourcing system from Mortgage Brain.
And the sourcing system plans to extend this so individual lenders can GUARANTEE product details as appropriate.
Companies that have announced their participation include Alliance & Leicester; NatWest; Bank of Scotland; Northern Rock; BM Solutions; Royal Bank of Scotland; Halifax; UCB Homeloans; Intelligent Finance; Virgin One Account; The Mortgage Business; The Woolwich; Barclays; Nationwide.
This new service is open to all lender partners, providers of exclusive products and mortgage clubs and Mortgage Brain says it will announce new participants soon.
In a recent independent survey of mortgage introducers, in excess of 94% of respondents indicated that mortgage product accuracy was the single most important factor when selecting a product for their clients and absolutely essential to their business.
Gordon Covell, managing director, Point One Mortgages, says: “Providing customers with the correct information when selecting a mortgage is crucial to our members.
“Lenders that verify their mortgage product details on Mortgage Brain have obviously listened to the requirements of Introducers. Our members will be able to advise clients on which mortgage is right for them, confident that this is based on timely and accurate information. ”
The verification of product details will be available shortly after the release of the next version of Mortgage Broker and lenders will be able to elect to provide a level of guarantee.
Products that have been verified or guaranteed by lenders will be clearly identified using a “traffic light” system.
The service is free of charge to users of Mortgage Broker. All an introducer will be required to do is update the mortgage product data at least every 24 hours.
Mark Lofthouse, CEO of Mortgage Brain, says: “We have been listening to mortgage introducers closely and they have clearly stated that the accuracy of the mortgage product details on a sourcing system is the most important factor when selecting a mortgage for their clients. This initiative gives the introducer the certainty and confidence that they have requested.”