Mortgage Brain has reported that a total £10bn worth of affordability checks have been carried out through its sourcing system, Affordability Hub.
The mortgage technology expert suggested hundreds of searches are being carried out every hour.
The affordability-based system allows advisers to source mortgage products for their clients based on results from affordability calculators available from participating lenders. Mortgage Brain suggested this is part of its vision to “transform” mortgage sourcing by combining product, criteria, and affordability sourcing.
Adviser firms using the system include Countrywide, Fluent Mortgages, John Charcol and Openwork, as well as large numbers of individual advisers.
Affordability Hub has been rolled out to all users of Mortgage Brain’s criteria-based sourcing system, Criteria Hub, and will be made available to users of Mortgage Brain Anywhere and Mortgage Brain Classic later in the year.
Openwork mortgage, protection and GI proposition director, Paul Shearman, commented: “We’re really excited about this latest development from Mortgage Brain as for the first time ever, our advisers will be able to enter the applicant’s income, expenditure, property and mortgage requirements in one place to run multiple lender affordability checks in one go.
“The feedback from our users has been overwhelmingly positive and we know this could be a real game changer for adviser efficiency at a time where affordability is a key consideration for both lenders and borrowers.”
Mortgage Brain sales and marketing director, Neil Wyatt, added: “Affordability Hub marks a change in the way that advisers are able to source the best product for their client, allowing them to quickly establish precisely how much various lenders will offer their client, providing a full audit trail along the way.
“The fact that so many advisers, large and small, are already making it an integral part of their sourcing process demonstrates the difference it is already making advisers’ workloads and their businesses.”
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