You are here: cherry > Press releases for March 2020 > Mortgage Brain sees lender product changes increase and ESIS volumes reduce
Back

Mortgage Brain sees lender product changes increase and ESIS volumes reduce

30 March 2020

- 164 lender product changes last week
- Weekly ESIS volumes down 24.6%
- Criteria Hub welcomes more new users

UK, March 30 2020: Mortgage technology expert Mortgage Brain has seen a substantial increase in lenders changing their products, a reduction in the number of ESIS produced from its mortgage sourcing systems and welcomed more Criteria Hub users.

Last week saw a 43% increase in mortgage product changes. When compared to the previous three weeks, the increase is 35%. The activity has been varied, with lenders reducing or amending their product ranges, tightening criteria or in some cases withdrawing their entire range.

Mortgage Brain has seen a material reduction in ESIS produced from its mortgage sourcing systems of 24.6% in the week ending 29th March, when compared to the average over the nine weeks to 15th March. Looking at the daily changes there have been substantial fluctuations as advisers and their customers adapt to working from home.

Conversely, Criteria Hub has welcomed hundreds of new users as they take advantage of the 90 day free access introduced to reduce pressure on lenders. The inclusion of the additional Covid 19 criteria has been well received and to date 45 residential and 33 BTL lenders have provided information that Mortgage

Brain has published on Criteria Hub. These initiatives have helped to reduce demand on lender and intermediary help desks.

Mark Lofthouse, CEO at Mortgage Brain, said: “We are in changing times with everyone in the mortgage industry being affected by the impact of Covid 19. We have seen an unprecedented change in lenders’ product ranges and I’m pleased that our team has pulled together with all of the changes being implemented within a day and all done with the team working from home. The ESIS volumes have shown a marked reduction and we’ll be monitoring this and other KPIs closely.”

“It’s good that we can make a difference. The increase in Criteria Hub users helps to alleviate pressure on help desks and colleagues as intermediaries and lenders can use it to help themselves.”