Mortgage brokers visiting up to six lender affordability calculators per case

More than eight out of 10 brokers use the affordability calculators of up to six lenders when sourcing a single case, according to new research by Mortgage Brain.
A survey by the mortgage technology expert found that 84.5% of advisers visit the affordability calculators of between one and six lenders on each case.

Attendees of Mortgage Brain’s Virtual Mortgage Vision Masterclasses in March were polled on their habits when sourcing deals for clients, and also found that more than half (58%) rarely use an affordability calculator from a non-top 10 lender.

The study identified other occasions when brokers spend large amounts of time on manual tasks, with 81.5% of brokers spending more than 15 minutes keying in the details for a Decision in Principle (DIP) or full mortgage application.
More than 2,000 mortgage brokers registered for Mortgage Vision, which consisted of eight free-to-attend masterclasses featuring industry figures including Pepper Money, HSBC UK and Skipton Building Society for Intermediaries.

Mortgage Brain sales and marketing director, Neil Wyatt, commented: “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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