Mortgage Brain has announced lenders will now be able to verify their key mortgage product details on its mortgage sourcing system.
There are also plans to enable individual lenders to guarantee their product details. To date, 13 major lenders have announced their participation in the scheme, and between them they account for over 60% of mortgages transacted in the UK. These include Alliance & Leicester, Halifax, Northern rock and Nationwide.
Mortgage Brain was prom- pted to begin the scheme after research statistics indicated that in 94% of cases mortgage product accuracy is the most important factor for intermediaries when taking account of product selection for clients. Gordon Covell, managing director of brokers Point One Mortgages, said: ‘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.’
The verification of mortgage details is expected to be available shortly after the release of the next version of Mortgage Brain’s software. Following its introduction lenders will be able to elect to provide a level of guarantee. Products on the system will be labelled as verified or guaranteed using a ‘traffic light’ system.
The service will be free of charge but brokers will need to update product data every 24 hours. Mark Lofthouse, chief executive of Mortgage Brain, said: ‘This initiative gives the introducer the certainty and confidence that they have requested.’