1.05 ADDITIONAL FUNCTIONALITY
Affordability calculators show what a client can borrow from a particular lender, considering their personal circumstances.
The ability of a sourcing system to calculate affordability is in part based upon a particular lender providing access to its own affordability calculator.
Mortgage Brain has integrations with over 30 lenders. This allows the user to obtain full affordability results from each lender with a single form. In addition, it will also highlight available products and provide a full audit trail and copies of the results from the lender’s website directly.
Twenty7Tec provides links to lenders’ affordability calculators at various points throughout the platform.
Figure 1.27: Affordability calculator
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* 2020 survey entry
Mortgage Brain and Twenty7Tec can generate Decisions in Principles (DIPs). Mortgage Brain offers DIPs for lenders which in total account for around 15% of all first charge intermediary lending, while Twenty7Tec says it has 60% coverage in terms of market volume.
Figure 1.28: Can DIPs be generated?
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Mortgage Brain stated it had issued over 65,000 DIPs during the 12-month period. Twenty7Tec did not disclose this figures, saying it was confidential.
Figure 1.29: Number of DIPs generated in the 12 months ending 30/09/20
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All the sourcing systems offer a client document storage feature.
Figure 1.30: Client document storage functionality
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* 2020 survey entry
The compliance functionality offered by the sourcing systems is comprehensive. They all offer audit tracking features in order to assist with FCA regulations.
Figure 1.31: Compliance functionality
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* 2020 survey entry
This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
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No part of this report may be reproduced in any form without written permission of the publisher.
