Mortgage Brain has announced that Mark Lofthouse plans to retire in 2021 following 19 years as CEO.

Lofthouse (pictured) joined Mortgage Brain in 2002, when the company was a single niche product provider. It now has over 25,000 active users with the majority of UK advisers using one or more of the company’s systems.

Mortgage Brain also has relationships with all UK lenders.

Peter Hill, chairman of Mortgage Brain, said: “Mark’s vision, knowledge and tenacity has delivered immeasurable benefit to both the industry and the company. Advisers, lenders and the industry have hugely benefited from the technology advancements that Mortgage Brain has made over the years.

“The latest transformation of mortgage sourcing through the integration of product, criteria and affordability sourcing is just one example of how Mark’s leadership, sincerity and honourable nature has provided unique innovative solutions.

“Mark will leave Mortgage Brain secure in the knowledge that it will continue to meet and deliver leading edge, industrial strength technology for the benefit of the mortgage industry.”

Lofthouse added: “It has been a privilege to lead the Mortgage Brain family for almost two decades and experience first-hand the benefits that our technology has brought to our customers.

“I’ve thoroughly enjoyed working alongside so many gifted people and rising to the challenges and opportunities that have faced us through the years.

“The executive team, management and colleagues at Mortgage Brain are exceptionally talented and well placed to successfully meet and exceed expectations in the future as the technological transformation continues as we adapt to the new world around us. I wish them all the very best and thank them and our many loyal customers whole heartedly for their support during the last 19 years.”

Drax Executive has been appointed to work with the board to appoint his successor and Lofthouse will retire after a period of handover during 2021.