Mortgage Brain verifies mortgage details

Lenders, who account for over 60% of mortgages transacted in the UK, have agreed to verify key mortgage product details on Mortgage Brain’s sourcing system, Mortgage Broker. It is further planned to extend this capability to enable individual lenders to guarantee their product details as appropriate.

This new service from Mortgage Brain is open to all lender partners, providers of exclusive products and mortgage clubs. Companies that have announced their participation include: Alliance & Leicester, Bank of Scotland, BM Solutions, Halifax, Intelligent Finance, the Mortgage Business, Nationwide, NatWest, Northern Rock, Royal Bank of Scotland, UCB Homeloans, Virgin one and Woolwich Barclays.

It is anticipated that the verification of product details will be available shortly after the release of the next version of Mortgage Broker and, following its introduction, 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.

This 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 said, “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.”