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Mortgage brokers using up to six affordability calculators per case – Mortgage Brain

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  • 22/04/2021
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Mortgage brokers using up to six affordability calculators per case – Mortgage Brain
Some 84.5 per cent of brokers use as many as six different affordability calculators for each mortgage case they source a deal for, research from Mortgage Brain has revealed.

 

Over 2,000 attendees of the firm’s Mortgage Vision Masterclasses last month were polled on their habits when sourcing. 

The polls showed that when dealing with a non-top 10 lender, however, 58 per cent of brokers said they rarely used the lender’s affordability calculator.  

It also found that 81.5 per cent of respondents spent more than 15 minutes entering details for a decision in principle (DIP) or full mortgage application. 

Mortgage Vision consisted of eight free online masterclasses featuring sessions from the likes of Pepper Money, HSBC UK and Skipton Building Society for Intermediaries.  

Subjects covered ranged from adverse credit, underwriting and the self-employed. 

Mortgage Brain’s Affordability Hub attempts to reduce the time brokers spend on a case by allowing them to run a case through the affordability calculator of 35 lenders at once.

Meanwhile, its Lendex system allows brokers to submit DIPs or full applications to different lenders with a single login, and without having to rekey case details.

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 equipped 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.” 

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