Please note that you can expand any of the screenshots by right-clicking them and selecting open in a new tab. The applicable screenshot follows each sentence.
In this guide:
From the MortgageBrain Classic launch screen, select Sourcing to move to the Start screen.
The Start screen provides the ability to select the Purchase Type, whether it is a residential or buy-to-let property, first charge or second charge product or whether the client has adverse credit history. If adverse or buy-to-let is selected, then the Adverse/BTL filters screens will become active and accessible from the tabs titled the same.
The Lender and Products section allows the selection of a different lender panel or specific lenders. Additional lender panels can also be created (if allowed) by using the Settings function.
The Current Mortgage Details section applies to home mover, remortgage and second charge cases. Specifying the client’s current lender enables product transfer and retention products to be displayed in the sourcing list.
If your client is remortgaging, completing the existing monthly payment and the cost to redeem the existing loan now will display the potential cost saving for the client (if applicable) if they were to switch to a different lender and/or product.
If searching for second charge and remortgage products, then completing this section, together with the client’s existing monthly payment allows the software to calculate costs for remortgage vs second charge.
There is also the facility to source withdrawn products if there is a requirement to reproduce an illustration for a previously withdrawn product. The withdrawn filter can be found on the Product Details tab.
Once the client’s criteria has been chosen from this screen, the Next button will allow the sourcing criteria to be entered.
With an increase in lenders specifying minimum and maximum salary requirements for single or joint applicants, several changes have been made to MortgageBrain Classic for all lender variants.
The sourcing screen allows the majority of the client’s sourcing criteria to be entered on one screen, therefore ensuring the results can be displayed within seconds.
It allows the collection of client data and mortgage details (as shown above). If MortgageBrain Classic has been launched from a back office system, then the majority of this data will already have been pre-populated into the relevant fields.
Selecting More info on any of the sections shown above will take the user to the relevant filters screen as displayed in the tabs at the top of the screen (e.g., client filters, property filters, product filters, adverse/buy to let filters) where further filters can be applied if necessary for the product search.
Please note: It is not necessary to complete all of these tabs before sourcing. They are available prior to sourcing if refining of the search is necessary, but can also be accessed once the scheme list of results has been displayed.
Core Logic Ltd (formerly UK Valuations Ltd)
MortgageBrain Classic contains a link to Core Logic, a company that provides valuations for properties. This feature is available for brokers to use at £5+VAT per month for unlimited use. The links can be found in a variety of places. The first link is available within the mortgage details section of the Sourcing tab, as shown below:
When inputting the valuation details, there are a number of mandatory fields that must be completed. Once the data has been entered, the link will call Core Logic’s valuation service and return a market value of the property. If the property and loan amounts do not correctly add up to those previously input, then the link will automatically update them into the sourcing screen.
The valuation returned also provides a ‘confidence’ rating. The documentation is automatically archived in the client file and accessible through Launcher.
A favourite search is best defined as a ‘base search’ that can be set up, stored and applied to the client search whenever applicable. This negates the need to apply the same filters each time the user meets with a client. For example, if all current business is based on a 3 year fixed ‘fees free’ remortgage, a base search could consist of the following filters being applied:
Purchase type – Remortgage
Initial rate type – Fixed
Rate control – 36 months to 39 months
Filters – Free legals, free valuation
By selecting these filters and saving the favourite search, you can apply these filters each time a client is met who requires this base search.
The favourite search can then be selected from the drop down list and any additional filters applied on an ad-hoc basis as applicable.
There is no limit to the number of favourite searches that can be set up and saved. The setting up and saving of a favourite search is documented within the Settings section.
The best buy tables are designed to be client specific, therefore providing information that is meaningful to the client. Standard default options are available to choose from, which are based on Rate Control or Rate Type.
If selecting 2, 3 or 5 year best buy tables; this will display fixed, tracker and all products that are applicable to the client for the selected time period.
If selecting the best buy options for fixed, variable or all products, this will display the relevant rate type based on time periods of 2 years, 3 years and 5 years.
Having chosen the relevant best buy table from the drop-down box, the client data and mortgage details need to be completed before selecting the button entitled Source Now.
The best buy screen displays the three tables for the selected best buy option. Each table clearly indicates the rate control or initial rate type. Each table is calculated on cost over the specified time period (cost inc fees & ERC over Nyrs), displayed in ascending order. The columns displayed are fixed by default and cannot be modified.
As the best buy tables are designed as an opportunity for discussion with a client, an illustration cannot be produced from the best buy tables. By double clicking on one of the schemes within the table, this will display all products for the Initial Rate Type or Rate Control period in a separate tab. Hence, there is the ability to display multiple tabs for each scenario chosen.
The top filters section allows the most commonly used filters to be immediately available on the sourcing screen. The software is issued with a standard default listing. However, this list can be customised to an individual user’s requirements (where applicable). For instance, if a user is running a remortgage campaign with existing clients, it could be applicable for the top filter selection to include filters for free legals and free valuation as these may be common requests with remortgage clients. Allowing them to be easily accessible on the front screen saves time when looking for products most suitable for the client.
Any filters included in the top filter section, will also be available in the relevant filters pages.
The Top Filters list can be customised and saved permanently as a default within the Settings function.
From the Sourcing screen MortgageBrain Classic provides either the ability to record, in detail, the client’s income and outgoings in a budget planner, or to enter a maximum monthly payment that the client can afford for their mortgage.
Using the latter function will source on products where the initial monthly payment meets the client’s affordability. Alternatively, the broker can use the affordability button to display the ‘budget planner’ and input the full quota of incomings and outgoings for the client. The budget planner can be printed out.
Version 3.6 of MortgageBrain Classic includes an integration to Affordability Hub. You can read about this functionality by clicking here.
Client Details screen allows for the collection of client data for Applicant 1 and/or Applicant 2, if not already pre-populated from a back office system.
Using the radio button at the top of the screen hides and reveals the Applicant 2 details.
Only the age and basic salary fields are mandatory on this screen, although if this data is collected on the sourcing screen, there is no need to input it again.
The Property Filters screen will pre-populate the mortgage details data captured on the Sourcing screen. Any other filters which apply to the property being purchase or remortgaged can be applied within this area.
Some of these filters can also be included in the Top Filters section displayed within the sourcing screen.
The Product Filters screen allows additional filters to be applied to the mortgage search. Some of the filters, such as Initial Rate Type, Payment Type, Rate Control, would have been pre-populated from the sourcing screen.
Some of these filters can also be included in the Top Filters section displayed within the sourcing screen.
The question marks adjacent to the Favourites/Best Buys and Fees provide further information on how these functions operate.
Within the Product Filters tab, there is an ERC Tolerance box. This is a very useful feature when sourcing products which may have an ERC just over the rate control period which could be a better product than one that is a couple of months shorter. An explanation accompanies this feature explaining how best to use it.
Add Fees to Loan
MortgageBrain Classic provides a feature to add certain fees to the loan, where allowed. Within the Product Filters tab, there is a Fees section with an Add Fees button.
This feature provides two options, either source on products that allow specific fees to be added to the loan – by selecting which ones – and/or source on products by adding the fee to the loan. This will automatically include the amounts in the calculated columns in the scheme list.
There is also a threshold box, defaulted to £100 within this section, which can be amended as necessary. This ensures schemes are not excluded where they have a fee that cannot be added but the fee is small enough for that not to matter.
A full explanation of how the fees filter works is available by pressing the ‘?’ in the Fees box.
Adverse/Buy to Let Filters
Having selected the Adverse/Buy to let option on the Start screen, gives the ability to record more specific information for the relevant search to be carried out correctly.
When sourcing for buy-to-let products, the software takes into account the number of existing properties, the total value of the properties within the portfolio and the expected monthly rental income from the new property being financed.
There is also a large range of other buy to let filters available to assist in finding the right product.
When sourcing for adverse products, the software takes into account the number of previous CCJs/Arrears, Defaults, Missed Payments, IVAs and/or Bankruptcies held by the client.
When sourcing for joint clients, the total number of adverse items applicable to both clients should be input.