Mortgage Brain has confirmed that its systems are being enhanced, in readiness for the Mortgage Credit Directive, and will be capable of supporting the new sales process and producing the new documentation required - well ahead of its introduction in March 2016.
Its ‘MCD ready’ systems will be demonstrated at its 2015 series of Mortgage Vision events, which are taking place this autumn, and will then be rolled out to all at the start of 2016.
The company will also be launching its new secured loan sourcing system during the second half of this year, again, well in advance of the implementation of the MCD.
Mark Lofthouse, CEO of Mortgage Brain, commented:
“As a business we have seen two major regulatory changes and have worked hand-in-hand with brokers and lenders to provide market leading technology solutions that not only meet but far exceed the basic regulatory requirements.
“We have a proven track record of working with the industry and providing a solution that works for all concerned.
“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% of its annual revenue into product development and in 2014 it launched the industry’s newest online sourcing system, MortgageBrain Anywhere. The system is a new addition to the company’s suite of award-winning mortgage technology solutions and is an online alternative to MortgageBrain Classic, its market-leading desktop sourcing system.
Mark added:
“Over the past few years the business has gained market share in all product areas and we’ve continued to support brokers through the delivery of new products to improve sales and productivity.
“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.”
