Mortgage Brain is rolling out its Mortgage Credit Directive (MCD) ready systems for mortgage sourcing and point-of-sale and compliance in readiness for the MCD changes taking effect from 21 March.
The firm says its systems have been enhanced in readiness of the Mortgage Credit Directive and are capable of supporting the sales process and producing the new documentation required.
MortgageBrain Classic and MortgageBrain Anywhere, Mortgage Brain’s mortgage sourcing systems, have been updated to accommodate the new requirements. Tthe two systems give brokers the choice to produce the new ESIS illustrations and/or the new KFI documentation, and elect to set either ESIS, KFI or the documents produced by the lender, as the systems default illustration shown on the screen.
Other enhancements include filters for Foreign Currency mortgages, Consumer buy-to-let products, re-mortgage registration fees and a historic Annual Percentage Rate Charge (APRC) capability.
Mortgage Brain has also announced the launch of LoansBrain. The new system, which is also available now and free to all, enables brokers, in accordance with the new MCD rules, to source a range of products from the UKs leading secured loan lenders.
To enable brokers to manage all aspects of the mortgage advice, sales and compliance process, Mortgage Brain has also enhanced its point-of-sale, compliance and CRM systems, the Key and MortgageStream.
Mark Lofthouse, CEO of Mortgage Brain, said: “The roll-out programme for our new MCD ready systems has been underway for some time now and we’re delighted that all our systems are ready and available in advance of the implementation of the Mortgage Credit Directive.
“The new enhancements we’ve made to our sourcing and point-of-sale systems are a result of our continuous investment programme and further demonstrate our commitment to delivering the best technology for brokers.”
