Mortgages  

Mortgage Brain claims readiness for credit directive

Mortgage Brain claims readiness for credit directive

Mortgage Brain has updated its systems in readiness for the Mortgage Credit Directive, in order to support new intermediary sales process and documentation ahead of its introduction in March 2016.

The ‘MCD ready’ systems will be demonstrated at a series of ‘Mortgage Vision’ events, taking place this autumn, to be rolled out to all at the start of 2016.

The mortgage technology solutions provider will also be launching its new secured loan sourcing system during the second half of this year, again in advance of the implementation of the MCD.

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Mark Lofthouse, chief executive of Mortgage Brain, commented that as a business they have seen two major regulatory changes and have worked hand-in-hand with brokers and lenders to provide technology solutions that meet them.

“We did it in 2004 with the introduction of regulation on MDay; we did it again last year with the new MMR rules and we are doing it again now in advance of the introduction of the Mortgage Credit Directive.”

The company re-invests 40 per cent of its annual revenue into product development and in 2014 it launched the industry’s newest online sourcing system, MortgageBrain Anywhere.

Mr Lofthouse added: “Since the launch of MortgageBrain Anywhere, and as a result of continuous investment into MortgageBrain Classic, we’ve seen well over 1,000 brokers switching to these new products in recent months.”

peter.walker@ft.com