Mortgage Brain has announced it has seen an unprecedented change in lenders’ product ranges, as well as a reduction in the number of ESIS produced from its mortgage sourcing systems.

The mortgage technology expert has also welcomed more users to its Criteria Hub – having reported a marked increase in activity on it last week following the introduction of several residential and buy-to-let (BTL) criteria specifically related to the coronavirus crisis – with 45 residential and 33 BTL lenders now reported to have provided information that Mortgage Brain has published on Criteria Hub.

Mortgage Brain announced that it saw a 43% rise in mortgage product changes last week – when compared to the previous three weeks, this increase was 35%. The activity had been varied, Mortgage Brain suggested, with lenders reducing or amending their product ranges, tightening criteria or in some cases withdrawing their entire range.
 
The technology expert also saw a reduction of 24.6% in ESIS produced from its mortgage sourcing systems in the week ending 29 March, when compared to the average over the nine weeks to 15 March. Looking at the daily changes, Mortgage Brain added there had been substantial fluctuations – with advisers and their customers adapting to working from home.
 
“We are in changing times with everyone in the mortgage industry being affected by the impact of Covid-19,” Mortgage Brain CEO, Mark Lofthouse, commented.

“We have seen an unprecedented change in lenders’ product ranges and I’m pleased that our team has pulled together with all of the changes being implemented within a day and all done with the team working from home. The ESIS volumes have shown a marked reduction and we’ll be monitoring this and other KPIs closely.
 
“It’s good that we can make a difference. The increase in Criteria Hub users helps to alleviate pressure on help desks and colleagues as intermediaries and lenders can use it to help themselves.”

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