Coreco launches mortgage broker network

Coreco launches mortgage broker network


The London-based firm is part of Mortgage Advice Bureau using the Legal & General Mortgage Club and said both those organisations would be supporting brokers joining the new network.

Firms joining will be given support to build their revenues, marketing and public relations advice and access to the Coreco client retention commercial finance team and protection teams.

A retirement scheme is also available where the broker firm can continue to service the retired adviser’s client bank and pay a commission to ensure there is still additional income coming in.

Coreco managing director Andrew Montlake (pictured) said: “This is something we have been working on for a long time now, and while we could have launched this a year ago, we wanted to ensure that when we did, the timing was absolutely right.

“Given the change in peoples mindset and working patterns during the last few months, we believe we will see many more brokers, or teams of brokers, looking to do their own thing in the near future.

“We also know how hard it can be to set up a business from scratch and we wanted to do what we could to assist people with a recognised brand and support available every step of the way.

Montlake admitted there were already “some great options out there for brokers”, but believed the offering would appeal to many who “want to be part of something that little bit different”.

“We see Coreco as a national brand now, and as such this is a great way to spread our ethos and attract others to share our DNA and client centric approach, even if it is just being part of a hub where knowledge between like-minded people is shared,” he continued.

“As a company that also prides itself on its approach to equality and diversity, our arms are open to everyone who truly believes in hard work, with a passion for customer service and believes in the ethos of the Coreco brand”.



Rewind Wednesday – Mortgage Administrator Ivent: Part II

Rewind Wednesday – Mortgage Administrator Ivent: Part II


The next two presentations focus on product criteria evolution during the pandemic, and how the protection space has developed. They are:


Understanding the evolving product criteria mix

Jason Hegarty, founder of Criteria Hub



In this session, Jason Hegarty outlines the vast scale of changes to lender criteria since the Covid-19 pandemic began and how to keep up to date with those changes.

He also discusses how these changes impact on client conversations and the advice process for adviser colleagues?



Sector focus: protection and GI

Andy Walton, protection proposition director, Mortgage Advice Bureau



Here, Andy Walton asks why is it particularly important now that every customer receives protection advice and why are some customers choosing not to take it?

He also delves into the role of administrators in making sure that customers have adequate cover and the importance of client communication and reminders and liaison with adviser colleagues.


The Mortgage Administrator Ivent 2020 is now accessible on demand for free to all mortgage administrators via the following registration link:



MAB partners with Moneyfacts to provide advice

MAB partners with Moneyfacts to provide advice


Visitors to will be prompted to get in touch with an MAB adviser through the website as they browse mortgage deals.  

Website users will still be encouraged to speak to lenders directly.

Peter Brodnicki, chief executive of Mortgage Advice Bureau, said: “We’re excited to partner with Moneyfacts – it is an established brand in the consumer finance space and one which is known and trusted by the public. 

Ultimately, this partnership is all about improving the service for users and giving customers the choice to receive mortgage advice face-to-face across the UK, over the phone or screen to screen.”  

Michelle Monck, head of digital at Moneyfacts, added: “ is pleased to announce Mortgage Advice Bureau as our preferred mortgage broker.  

Those visiting our site looking to arrange a remortgage, find a new mortgage or a buy-to-let lender, will now have the option to speak with the experienced and highly trained advisers at Mortgage Advice Bureau.” 


Protection underwriting tightening but ‘CI and IP booming’ – iVENT 2020

Protection underwriting tightening but ‘CI and IP booming’ – iVENT 2020


Speaking at the Mortgage Administrator Ivent, MAB protection proposition director Andy Walton explained that some cases were taking longer due to insurers and GPs being slower.

However, the firm has seen an 80 per cent increase in income protection (IP) sales with the critical illness market buoyant too.

Walton also emphasised the key role administrators played in getting cases through, this included a major campaign from the firm to revisit customers who missed getting policies put in trust.


Pressure on administrators

Walton noted there was quite a lot of pressure on administrators and sales support, mainly due to mortgages becoming “increasingly complicated and more difficult to get through and that’s taking up quite a bit of extra time.”

“In protection that’s also taking longer to administer and get on the books,” he said.

“It’s mainly because of GPs [where] some of them have slowed down dramatically, although there are occasions where they’ve speeded up.

“But there’s quite a bit of pressure on the world of administration at the minute.”


Tighter underwriting

Regarding insurers and underwriting specifically, Walton acknowledged insurers have started asking more questions in relation to Covid-19 given its emergence.

“New questions have been added which has added a great deal of complexity as different providers are asking different questions, so certain cases are being delayed or postponed,” he continued.

“IP is trickier to get on the books because that’s the highest risk… so there has been some tightening there.

“What we’re hoping is that as this eventually gets under control that the underwriting will get easier.

“It hasn’t stopped business, we’re still writing thousands of policies a month, the vast majority still go on risk and from that point of view it is still business as usual, it’s just those small number of cases which can trip up on these extra Covid-19 questions.”

Walton also said the increased protection business conducted by MAB was a sign of improvements within the market for customers.

“Our protection business has moved up dramatically. On IP we’re writing 80 per cent more than we did a few years ago and it accounts for nearly 30 per cent of our business, so there’s definite moves to look at products outside typical life insurance,” he said.

“CI is booming, IP is definitely booming. Is there more we can do? Absolutely, there’s still too many mortgages which aren’t protected, but we’re going in the right direction.”



MAB analyses the importance of protecting borrowers at The Mortgage Administrator Ivent

MAB analyses the importance of protecting borrowers at The Mortgage Administrator Ivent


Andy Walton, protection proposition director at MAB, (pictured) will host a video presentation at the online event focusing on the protection and general insurance sectors.

He will discuss why is it important, particularly now, that every customer receives protection advice and why some customers are choosing not to take it.

Walton will also examine the role of administrators and support teams in making sure that the customer has adequate cover.

This will include the critical components of customer communication, reminders and liaison with your adviser colleagues to ensure that this opportunity and customer duty of care is not missed.


Register for free

The online Ivent takes place on 23 September and is specifically tailored towards mortgage administrators and paraplanners and this year includes a special focus on the buy-to-let sector.

Attendees will be able to access content, visit sponsor stands, meet and chat with fellow delegates and exhibitors, and send live message questions to speakers.

The buy-to-let sector focus will help attendees to understand the challenges and opportunities landlord clients are facing and how this impacts their strategies for buy-to-let business.

To register for free and find out more information visit the event website:




The Melton partners with MAB to give mortgage advice

The Melton partners with MAB to give mortgage advice


MMBS Services, an advisory subsidiary of the Melton Group, will be trading as Mortgage Advice Bureau and using the network’s services, systems support and regulatory approval.   

The service will initially be operated from its head office in Melton Mowbray.  

Simon Taylor (pictured), chief executive of the Melton, said: We already work very closely with our network of intermediaries so that the majority of our customers can benefit from the Melton’s innovative mortgage products.  

Whilst we remain committed to supporting our broker network, this new partnership with MAB will allow us to reach even more customers and help them to find the right mortgage to achieve their home ownership goals.”  

Peter Brodnicki, chief executive of MAB, added, “This is the first time we’ve partnered with a lender to support our strategy of making it easy for customers to receive quality advice in a multitude of ways – face-to-face, over the telephone or digitally.   

We share the same synergy with the Melton where quality advice and first-class customer service is always at the heart of everything we do.” 

Lenders ask for brokers’ support as stamp duty cut set to increase app times

Lenders ask for brokers’ support as stamp duty cut set to increase app times


As a result, lenders are expecting times to offer to lengthen and so among other things, are asking brokers not to make routine update calls which can be a “significant drain” on resources.

The mortgage market has rebounded strongly since restrictions around housing moves were lifted, but lenders across the industry are still facing limitations on processing capacity as large numbers of staff are still only able to work from home.

This has already been highlighted in the high loan to value (LTV) sector where several lenders have introduced limited editions of products to ensure they can meet supply and service levels.

Mortgage Solutions reported that brokers had been contacted by clients within minutes of chancellor Rishi Sunak’s announcement, while property portals have also published figures showing the immediate interest generated.


Patience and resilience needed

Lloyds Banking Group managing director for intermediaries and specialist brands Mike Jones told Mortgage Solutions lenders were adapting to the situation but they were expecting another influx of applications.

“The recovery in activity levels in the UK housing and mortgage markets has been remarkable, particularly given more limited availability of lending at the highest LTV range,” he said.

“This growth isn’t just pent up demand either, and we are seeing high levels of consumer confidence in property feeding into activity in the market.

“This has presented significant operational challenges for many lenders that have simultaneously been adapting ways of working to deal with the challenges of Covid-19 and continuing to support customers.

“The chancellor’s announcement on changes to stamp duty will inevitably further up the pace following the relaxing of lockdown restrictions which has already boosted activity.”

He added there was a need for cooperation to help ensure applications could proceed smoothly but more slowly.

“We’re in this together as an industry and without doubt this will be a challenging period for us all, requiring patience and resilience from the whole of the market – including allowing extra time for cases to be worked,” he continued.

“Routine update calls are a significant drain on lender capacity; instead greater use of lenders’ various automated tracking tools will help manage call volumes and enable urgent cases to be properly prioritised.”



Challenges across the market

Leeds Building Society CEO Richard Fearon agreed that the changes would “light a fire” under the market and bring a need for understanding and cooperation.

“There is no doubt that Covid-19 has had a huge impact on how we operate, with a focus on keeping colleagues and customers safe. These are challenges being faced across the market,” he said.

“Intermediaries have faced similar challenges and we are pleased to have been able to support them in this.

“The mortgage market has been remarkably resilient in this, especially in June, even before the stamp duty changes were announced. The stamp duty changes will light a fire under the market.

“I’d like to thank brokers for their support and for their patience as we work through the unique challenges of social distancing, remote working and limited valuation capacity over this time.”


Be upfront with brokers

Brokers will need to play a key role in keeping borrowers informed of the situation and are prepared to do that.

Sally Laker managing director of Mortgage Intelligence acknowledged that it was important to work with lenders in the current climate.

“As intermediaries we are customer facing and can work with managing expectations on time scales,” she said.

“Lenders and intermediaries share that passion of wanting to help customers but it might take a little bit longer in the current transaction process.

“If we know in advance it’s going to take a bit longer we can help manage customer expectations and we can get where we need to be. It’s about working together because we both want the same outcome.”

Laker added that being aware of the situation up front would also prevent the need for case update calls.

“We don’t want lenders closing their doors to manage capacity,” she added.


Good conversation for advisers

Mortgage Advice Bureau deputy CEO Ben Thompson noted that advisers were well versed in understanding lenders’ service levels and that much progress had been made since the start of the pandemic.

“We are in a very good place compared to three months ago, think about what lenders and brokers have done in that time, it’s amazing,” he said.

“There is a much more understanding broker and customer base given the current situation as well.”

However, Thompson noted that communications from lenders “have been really good on the whole” and brokers could further help the situation by ensuring cases were well packaged.

“It’s upon me as an adviser to know the levels lenders are working on,” he continued.

“Typically, those with the best products are the busiest, but then we have to have a conversation with the borrowers about price versus time. That’s an aim for many advisers to be having.”


Matt Lowndes takes up innovation role at MAB – Interview

Matt Lowndes takes up innovation role at MAB – Interview


“Technology is my passion and has always played a huge part in what I do,” says self-confessed IT nerd Matt Lowndes.

So when he was asked to become innovation director in April, seven months after joining Mortgage Advice Bureau (MAB), he knew he had landed a job right up his street.

Matt joined MAB on 1 September last year after working as managing director of London-based brokerage Coreco, which he helped found in 2009.

After heading up the company for more than a decade he left to become a business consultant in the propositions team at MAB.

“I started at Coreco 10 and half years ago and as much as I loved being there, I was ready for a change,” says Matt. “I wanted to be far more involved in the exciting technology coming our way and show other intermediaries how they could use it to improve their businesses.”

Change has certainly come in spades for Matt.


Finding the best in the business

In April he was given the more formal job title of innovation director with a brief to challenge the status quo and meet cutting edge businesses to understand what was possible for the mortgage industry.

He is tasked with being the liaison between the firm’s brokers and business partners and the company’s 50-strong technology department to make sure MAB is focused on delivering the most relevant solutions that will drive up business performance.

MAB’s CEO Peter Brodnicki is passionate about the benefits of technology. As well as building the company’s own technology he sees the sense in partnering with specialist companies to use the tech they have already built.

With this in mind, Matt is on the lookout for exciting companies that have developed new ways of doing business and seeking opportunities to collaborate with them.

The company’s vision, says Matt, is to act like a prop and fin tech incubator, guiding firms that are relevant to MAB’s long-term vision and helping them to grow their potential.


Pandemic priorities

But having got up to speed with the company’s current projects and long-term goals the world turned on its head when the pandemic hit, temporarily shifting the firm’s immediate priorities.

Ready or not, when the government announced its lockdown measures in mid-March the mortgage advice community was propelled into home working.

The lucky ones already worked on cloud-based systems, had personal offices set up at home and had heard of Zoom or Microsoft Teams.

The unlucky ones are perched on the end of the kitchen table, working on a laptop, trying to join team meetings with a muted microphone while struggling to upload documents and advise their clients remotely.

This is where Matt comes in. As innovation director, his role is to help quickly implement changes that will enable advisers to overcome practical challenges, and right now that is working from home.

“A lot of ARs just weren’t set up for this,” says Matt. “So we have reordered our road map of technology projects and accelerated any of those that will help advisers to do their jobs at home.”


Practical application

He has always loved technology, and remembers being fascinated by the new inventions on the futuristic television programme Tomorrow’s World as a child.

At school he knew his strengths lay in the practical subjects rather than academic. When he left, he studied mechanical and electrical engineering at Kingston College, then civil engineering at Leeds and Nottingham.

He likes the practical application of technology, how it can solve problems and make calculations easier. The practical rather than academic approach is the style he uses in his new job.

Having run his own mortgage advice firm, Matt says he can empathise with the difficulties of other broker business owners.

Before the lockdown measures were introduced, as a consultant he was meeting about five businesses a month, finding out how they worked and what their challenges were.

He explains to them what current solutions are available and agrees on their immediate requirements and finds out, if they could have anything they wanted for their business, what would it look like.

He then reports the feedback to MAB HQ to make sure the technology being built will meet firms’ needs.

“As innovation director, Peter wants me speaking to firms inside and outside the group, so I am able to challenge and widen our thinking and help influence MAB’s priorities.”

Although his feet haven’t touched the ground since leaving Coreco, Matt misses some of his old life at the firm he helped to set up.

“I learned masses when I was there and left some amazingly talented people behind which is a shame. Hopefully, I helped some of them grow and helped them to be where they wanted to be in my own way.”

MAB coronavirus results ‘very encouraging’ as 2019 completions hit £16.7bn

MAB coronavirus results ‘very encouraging’ as 2019 completions hit £16.7bn


MAB noted that as expected, focus and demand since the pandemic hit has increased in the re-mortgage and product transfer markets, and that it has prioritised resources in this area.

It added that while not all remortgage cases could be fully progressed due to lender and valuation restrictions, product transfers have significantly increased in recent weeks.

“By the time government restrictions are lifted, our typically purchase focused appointed representative (AR) firms will have improved their procedures for servicing existing clients in this sector, and we expect that increased efficiency to be maintained once purchase activity starts to return,” it said.

MAB also highlighted that although it expected protection sales to reduce in line with purchase activity, the pandemic had resulted in heightened awareness of the importance of these products.

“Alongside our realignment of resources to remortgage and product transfer transactions, is our immediate opportunity to have a meaningful impact on the lower protection attachment rates seen on non-purchase mortgages,” it continued.

“Plans are already in place to ensure the improvements we are seeing are maintained and built upon when advisers become busier again.”


Completions rise to £16.7bn

The firm made the statement as part of its annual results publication which revealed it completed £16.7bn worth of mortgage lending including product transfers in 2019 – an increase of 20 per cent on 2018.

The advice firm claimed a 5.7 per cent share of the UK new mortgage lending market, up from 4.7 per cent in 2018, with £15.2bn of completions going to new lenders – also up 20 per cent from the previous year.

Adviser numbers were also up 20 per cent hitting 1,457 at the end of 2019, including 82 from its purchase of First Mortgage Direct.

Overall in 2019, revenue was up 17 per cent to £143.7m and pre-tax profit was up 13 per cent to £17.7m.

The adviser growth continued into 2020 although the impact of the coronavirus has started to be felt with 1,473 advisers at 17 April 2020, including 196 currently furloughed.

“The furloughed advisers relate mostly to ARs that have strong links to estate agencies or the new build sector,” MAB said.

“Some adviser attrition has also occurred among the lower performing advisers and it is unlikely any of those advisers will be replaced until the purchase market fully recovers.”


Coronavirus impact

The coronavirus has impacted the firm with the share price tumbling from the recent high of 800p on February 26 to just 385p on Mar 19 as stock markets around the world collapsed, but it has since recovered to 525p today.

The firm drew down its £12m revolving credit facility on 20 March 2020 saying it was “in a stronger position than many to deal with the challenges to come”.

It also halved its proposed final dividend to 6.4 pence per share, with the intention to pay a further 6.4 pence when the board considers it prudent to do so.

“It is too early to predict the extent of the disruption to trading in the coming months and the associated impact on our results for the full year, though we do expect to see a reduction in revenue and profit. However, we remain very optimistic about MAB’s growth prospects,” the firm said.

Prior to the coronavirus impact, MAB said it had seen a clear change in customer sentiment following the General Election in early December.

This led to much improved activity in the housing market from the start of 2020 and the marked increase in activity remained strong up to the end of March 2020, despite increasing concerns about the coronavirus pandemic.


Technology an enabler

Chief executive Peter Brodnicki (pictured) said he was pleased with the results and that MAB had always had a clear strategy of pursuing and delivering long-term sustainable growth in market share, regardless of mortgage and housing market conditions.

“In 2019 we increased our market share of new mortgage lending to 5.7 per cent, a strong increase of 20 per cent versus the prior year,” he said.

“I am particularly pleased with our growth in new advisers over the last year, especially since as predicted, the subdued housing market led to very limited growth from the circa 40 per cent of our AR firms that are linked to estate agents.”

He added: “Technology continues to be an important growth enabler for MAB. We started piloting the first part of our new platform at the end of 2019 and we have now commenced a programme of implementation of new technology-led processes.”


Nationwide integrates DIPs with Twenty7Tec’s Apply platform

Nationwide integrates DIPs with Twenty7Tec’s Apply platform


It is expected that users can receive an instant DIP on remortgage cases from Nationwide, without needing to re-key data into the lender’s portal. 

A spokesperson for Nationwide said brokers will not need to re-key the DIP onto the society’s portal, but client information will need to be re-entered for the full mortgage application.

However it is looking at resolving this in the future. 

Nationwide conducted tests and found the DIP results always matched the results returned from the society’s portal as Apply runs the decision against its credit scoring system, the spokesperson added. 

Initially, the service will be made available to Connells Group brokers using Apply, before being rolled out to Mortgage Advice Bureau, and then the wider market.  

The integration is the first service that has gone fully live to brokers after Nationwide announced in November 2019 that it was launching a ‘sandbox’ pilot to enable third party systems to connect with its credit risk and back office systems.  

The society said it would continue to work with a range of third parties to develop and support further technological innovations in the broker market. 

Ian Andrew (pictured), director of intermediary relationships at Nationwide Building Society, said: “This is a big moment for Nationwide and we’re delighted that the outcome of recent tests in our API sandbox with Twenty7Tec have been so positive and that we’re now in a position to put our DIP API for remortgages live. 

“We expect to expand the API with other third-parties in the near future and we continue to look at other ways we can use technology to improve the service we offer brokers both now and in the future.” 

James Tucker, CEO at Twenty7Tec, added: “We’re very proud to be the first broker platform to have been chosen to work with Nationwide on this project, and we look forward to seeing the results that it produces.”