Mortgage Brain sees “marked” reduction in ESIS volumes

Mortgage Brain has reported a significant rise in lenders changing their products, a reduction in the number of ESIS produced from its mortgage sourcing systems.

It has also 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 29 March, when compared to the average over the nine weeks to 15 March.

It said that looking at the daily changes, there have been substantial fluctuations as advisers and their customers adapt to working from home.

Meanwhile, Criteria Hub has seen “hundreds” of new users as they take advantage of the 90 day free access. To date 45 residential and 33 buy-to-let lenders have provided information that Mortgage Brain has published on Criteria Hub.

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.”

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