Mortgage Brain has announced it will be rolling out its affordability-based sourcing solution, Affordability Hub, following a successful pilot.
The mortgage technology expert suggested the three main elements to consider when sourcing the most appropriate mortgage are the products available, criteria and affordability – and that the new product will ensure intermediaries can use all three to best match a client’s needs.
Affordability Hub will allow intermediaries to input information about the borrower and property in a standard form, and then send this to lenders’ affordability calculators before collating the results.
Mortgage Brain said the solution will then provide intermediaries with a comprehensive summary of how much lenders will consider lending, as well as recording each stage of the lender’s affordability calculation – ensuring they have a full audit trail to support their advice from a compliance perspective.
Affordability Hub is initially being rolled out to users of Mortgage Brain’s criteria-based sourcing solution, Criteria Hub, over the coming months. After this is completed, it will then be made available to users of the Mortgage Brain Anywhere and Mortgage Brain Classic sourcing systems later in the year.
There are currently 27 lenders live on Affordability Hub, including Accord, Bank of Ireland, Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander, Skipton Building Society and Virgin Money, and Mortgage Brain highlighted that these 27 lenders account for around 85% of the mortgages sold in the UK.
Mortgage Brain CEO, Mark Lofthouse, commented: “The ability to deliver affordability together with product and criteria sourcing enables intermediaries to give the best advice to their customers. Throughout the pilot of Affordability Hub, intermediaries have told us that this system has transformed their advice process.
“The ability to access a single system which provides them with information from a host of lenders around precisely how much they are willing to lend their clients helps to deliver the best advice.
“We are thrilled to be rolling out Affordability Hub, making it available to thousands of intermediaries in the coming weeks as we continue to transform mortgage sourcing through investment and innovation.”
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