The firm said this aligned with Consumer Duty rules requiring advisers to supply evidence of fair value and answered the challenge of brokers being unable to collate communications across email, phone and sourcing systems.
The update brings together each piece of advice, documents and messages in a single timeline that cannot be altered. By providing a single data stream, Mortgage Magic said the audit trail was “tamper-resistant” and ensured firms would be prepared with no need for manual archiving.
Once an action, such as a document upload, advice letter or client login, is recorded, this cannot be edited or deleted, creating a “source of truth” for regulators.
Network managers and compliance officers will also be able to review the advice journey in chronological order.
Tanjir Sugar, CEO of Mortgage Magic, said: “As audit and oversight expectations increase, we are giving brokers the infrastructure to stay ahead without the administrative weight.
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“In the past, recreating a case file for a regulator meant digging through inbox folders and disparate systems. Our new audit trail creates a linear, undeniable proof of what happened and when. It provides principals and compliance officers with the confidence that if it isn’t in the audit trail, it didn’t happen and if it is there, it’s secure.”
Earlier this month, Mortgage Magic launched an artificial intelligence-assisted sourcing workflow to integrate product sourcing and case management, allowing brokers to review mortgage products without leaving their CRM.
