Mortgage_Brain_Premier_6.80_Release_Notes
Document Sample
Welcome to Mortgage Brain Premier Edition 6.80
So what’s new?
The new edition of Mortgage Brain Premier has been specifically developed to further
streamline the mortgage sales process.
After listening to mortgage introducers and active users of Mortgage Brain products, we have
focused on usability and functionality to improve user experience and efficiency. Feedback
will continue to play a significant part in future editions, so we can ensure our development
remains closely aligned to the needs of our users.
The fundamental updates to Mortgage Brain Premier Edition 6.80 are centred on the
redesigned :Broker - Mortgage Sourcing module. The system now has a cleaner, modern
look and feel, which is organised more logically for an improved end-to-end user experience.
This combined with the enhanced features and functionality will enable you to find the right
mortgage for your client more quickly and easily than ever before.
Plus the new Debt Consolidation Calculator allows you to demonstrate to your client the
comparison between continuing with separate debt and mortgage payments against the
potential saving of consolidating the debt with the mortgage.
To view details on particular updates click on the links below, or simply browse through the
document to learn more!
Section 1 Initial Input Screen – Great new look and feel Click here
Section 2 New! Debt Consolidation Calculator Click here
Section 3 Filters Screen – Improved layout for more definitive sourcing Click here
Section 4 Scheme List Window – Offering more efficient working Click here
Section 5 Illustration Window – Comprehensive changes designed to save you time Click here
Section 6 Changes to the IDD – New features and functionality Click here
Section 7 Client Database Enhancements – New Trigold import facility Click here
Section 8 AVMs from UK Valuations – FREE until 31st January 2009 Click here
Section 9 Scottish Home Reports – Scotland’s HIPS Click here
Section 10 New Property filters Click here
Requires: Microsoft Windows XP or Vista with .Net framework v2 or later, Internet
Connection, Internet Explorer v6 or later, Adobe Acrobat v5 or later.
Minimum screen resolution 1024 x 768.
FOR NETWORK AND CUSTOM INSTALLATION, PLEASE REFER TO THE GUIDES ON
THE INSTALLATION CD OR VIA THE MORTGAGE BRAIN WEBSITE.
Section 1 Initial Input Screen – Great new look and feel
The Initial Input Screen now has a modern look and feel with all the fields and options
presented in a straightforward, easy to use way. The icons have been removed and the
whole screen has been utilised more effectively. We have replaced a number of drop-down
boxes with radio buttons to further simplify and speed up the mortgage sourcing process.
The screen has been split into two parts, with the top three sections housing client information
and the bottom three sections housing information on the mortgage required.
Client
information
Details of
mortgage
required
First and Second Applicant Section
If you have launched from the Client Database
or the Workflow Application the common
client information, as in previous versions, will
have pre-populated the relevant fields. You will
need to complete the rest of your client’s details
including any overtime and the correct
reference option.
Purchase Type Section
This section allows you to select the type of mortgage your client requires using the new radio
buttons which have replaced the old style Purchase Type drop-down box.
PLUS! You can now source retention mortgages for your client.
Remortgaging has become a common feature in the mortgage market with the majority
switching at the end of the initial rate period. This in addition to the increasing competition
between lenders has lead to the growth in customer retention mortgages.
To include retention products in your search, simply select Remortgage and the new
retention option becomes available. Click on the
Select Current Lender button to display a list of
lenders and packagers contained on the system.
Highlight the lender your client is currently with and
click OK. Any retention products for that lender are
then included in your search, along with all the
products that match the criteria specified on the input
screen.
With Buy to Let lending in the UK accounting for 12%
of all mortgages, you can now specify whether your
client is looking for a Buy to Let mortgage from the
Initial Input screen. Firstly, select the relevant
purchase type and then place a tick in the Buy to Let
checkbox. When you run your search, the Filters
screen will appear with the Buy to Let option
automatically selected. You can then continue refining
your search further by entering additional information
e.g. the number of existing properties your client has, their value and the expected monthly
income of the new property.
Initial Rate Type, Rate Control Section
This section allows you to select the types that best suit your
client e.g. fixed, discounted and the most appropriate rate
control period.
The four associated Tracker options have been brought forward
from the Filters screen and automatically selected when the
Main Tracker option is ticked.
Want to include all mortgage types in you search? Save time
and effort by placing a tick in the new ‘Select all’ checkbox.
Uncheck the tick to deselect all.
Search by, Lender Panel, Income Multiple Overrides and Additional Details Section
The four old style yellow search tabs have been replaced with three new radio buttons that
grey out any non-applicable fields.
• Best interest rate
Enter the loan required and the deposit/equity and the system will automatically
calculate the property price and loan to value.
• Maximum borrowing for given deposit/equity
Enter the deposit/equity available and the system will find the maximum advance for
a given property based on this figure and the income available.
• Maximum borrowing for given property price
Enter the property price amount and the system will calculate the maximum you can
borrow based on this figure and the income available.
Specifying a lender is now even easier - simply choose the Specified Lender option from
Lender Panel drop-down box, then click on the Specified Lender/s button and highlight a
maximum of five lenders. Finally, select OK to confirm your selection.
Of course, you still have all of the benefits that currently exist in our software,
including…
• The affordability calculator
Calculate just how much your client can afford on their monthly payments and apply
this to your search. Only those mortgage products that match the inputted criteria will
be displayed.
• Income Multiple Overrides
Override the pre-defined income multiples held on your system.
Repayment Type, Main Repayment Vehicle and Term Section
The process of selecting a repayment type has been simplified with the new easy to use radio
buttons that give clear signals as to the information required.
If Repayment is selected then all you need to enter is the
required term of the loan.
If Interest only is selected then the Main Repayment
Vehicle option becomes available, ready for you to make a
selection. If no repayment vehicle is selected then the
system will source pure interest only products.
If the Split option is selected then you are required to enter
the interest only portion, along with the desired term in the
boxes provided. The ability to calculate the monthly
payments on split loans upfront allows you to provide an
accurate comparison at scheme list stage and enables you
to do a true cost analysis over a selected number of years.
Section 2 New Debt Consolidation Calculator
Mortgages are among the cheapest forms of credit available, so consolidating multiple debts
into one larger loan can be a good way of reducing monthly outgoings.
The new Debt Consolidation Calculator allows you to demonstrate to your client the
comparison between continuing with debt and mortgage payments against the potential
saving of consolidating the debt with the mortgage.
You can access this new feature by clicking on the Debt Calculator option from the
Workflow Menu or the original Mortgage Brain menu.
• Personal Information
The Personal details will be pre-populated with already entered information.
• Loan Record
Complete this section by selecting the reason for the loan via the drop-down box (or
(alternatively input your own). Input the Amount Outstanding, Monthly Payment
and the End Date. You have the ability to add five outstanding loans.
• Debt Record
Complete this section by selecting the reason for the debt via the drop-down box (or
input your own). Input the Amount Outstanding, Monthly Payment and the Interest
Rate and the system will automatically calculate the End Date for you. You have the
ability to add five outstanding debts.
The four Total fields are automatically calculated, based on the data entered in the previous
sections.
Additional Borrowing and/or a Refinancing Fee,
which is the broker fee (plus any remortgage
costs), can be added to the Refinance Total.
During the completion of the Loans and Debts sections the Total
Refinance Required field will have automatically pre-populated. The
only other data needed to produce a comparison is:
• Interest only Mortgage Amount
• Initial Rate
• Reversionary Rate
• Total Term
No data is required from the user in the Consolidated section as All
fields are automatically calculated.
Viewing Documents
When you have completed all the details, click on the Graphs icon at the bottom right of the
screen to display the documentation. The Payment Comparison Graph shows the clients’
current debt payment (green) compared with their debt payment after consolidation (blue).
The Payments Schedule displays the monthly payments for both the current payments and
the proposed consolidated amounts.
To print both documents, simply click on the Print button.
Printing Documents
Click on the Print button at the bottom right of the main screen to open up a dialogue box,
which allows you to select the documents you wish to print. Place a tick in the relevant box
and click the Print Button.
Section 3 Filters Screen – Improved layout for definitive sourcing
When you click on the Search button, the Filters screen will appear allowing you to select the
filter options specific to your client.
With the latest edition, our goal was to present the filters in an ordered, more polished
fashion. The screen is split into definitive sections, as a result sourcing couldn’t be simpler for
new and existing users.
Property Details
The House/Flat drop-down box has been moved from the front screen and now appears on
the Filters screen under Property Details.
The House/Flat drop-down box will determine
which property filters are displayed within this
section. Add any additional information regarding
the house or flat which may affect the mortgage
application.
What is a House in Multiple Occupation?
We have added an information box to help with sourcing - simply click on the Info button to
view the definition.
PLUS! Look out for other info
buttons, designed to help you
along
Section 4 Scheme List Window - Offering more efficient working
The Scheme List window, like the Mortgage Details Input screen, has undergone several
changes to its usability and functionality, including the new Quick Delete options and the
ability to email sourced mortgage products directly from the illustration window. We have also
renamed a number of navigation buttons to bring out the ‘hidden features’ within the Scheme
List window.
Icons and Navigation Buttons
Quick Filter Icons
All Filters is the new name for the Filters icon, as there are now two additional filter icons
available to you - BTL and Adverse.
Click on BTL if you only wish to set Buy to Let filters and likewise to set the adverse filters
click on Adverse.
Amend Scheme button
The Settings button which displays the ‘what if’ scenario has been renamed to Amend
Scheme. This button allows you to demonstrate products variation, i.e. a lower interest rate,
by amending the figures.
Please note: Changing values will invalidate lender verification status
Total Cost button
The Future Costs button has been renamed Total Costs to better indicate its function. This
button allows you to compare the true costs of mortgages over a selected number of years.
On remortgages, you can demonstrate to your client how much they can save by switching
products.
PLUS! You now have the ability to calculate a True Cost analysis on split loans!
Quick Delete Button
Drill down even further with the New Quick Delete Buttons. The process of deleting unwanted
schemes has been simplified with the addition of two new buttons to the top of the Scheme
List window.
Once you have used our extensive filters to produce a shortlist
of schemes, you may still want to reduce the number of products
by deleting those that are outside of your clients criteria, for
example total fees over £1000.
Click on Max Fee and a pop-up box will appear allowing for the
entry of the maximum total fees your client is willing to pay.
Click OK and any schemes with fees that exceed the specified
amount will be deleted from the scheme list*.
Click on Rate Control and a pop-up box will appear
allowing for the entry of minimum and maximum
months for rate control. Click OK and any schemes
that are outside of your chosen criteria will be deleted
from the scheme list.
*IMPORTANT: Any schemes displaying Refer, as a
Total fee, will be removed from the scheme list.
PLUS! There’s even more…
Graphs and Compare Icons
Feedback from our customers has played a
significant part in the development of our latest
version, so under the guidance of brokers we have
removed the Graphs and Compare icons.
Compare Schemes Button
The Scheme button (situated in the left-hand corner
of the Scheme Report window) has been renamed
Compare Schemes. You can use this option to
view two Scheme reports side by side.
Remortgage Report Button
The Remortgage Report button in the left-hand
corner of the Scheme List window has been
renamed Remortgage.
New Help Facility
Do you have a query with a particular scheme?
Contact our Research department by clicking on
the Help drop-down menu, located at the top of the
Scheme List window, and selecting the new
Contact Research option. A web page will open,
automatically pre-populated with details of the
product currently highlighted on the scheme list.
Mortgage Trading Exchange (mte) Column
A new mte column has been introduced to the
Scheme List so you can see at a glance whether
Mortgage Application's and AIP's are available via
the mte for a particular lender.
Section 5 Illustration Window – Comprehensive changes to save you time
New Filters Letter
The first thing you will notice when viewing the Illustration window is the absence of the Letter
and Checklist tabs. These documents, which followed MCCB guidelines, have been removed
and replaced with a new Filters Letter.
This comprehensive letter, which is laid out in a report format, provides a snapshot of Broker
at the point when the most appropriate KFI was produced for your client.
It includes the following information:
• Client(s) name
• Criteria entered on the Initial Input screen
• A summary of any filters applied
• A list of the first 25 schemes displayed on the scheme list, with the selected product
highlighted.
• Information on the selected product
PLUS! The Filters Letter can be held on the client file to further demonstrate that the most
suitable mortgage product has been recommended.
New Email Functionality
You now have the facility to email sourced product documents directly from the Illustration
window.
When you have selected the most appropriate mortgage product for your client, click on the
Illustration icon to display the tabs in the Illustration window. You will notice two new Email
fields under Details, which will be pre-populated with already entered information if you
launched from the Client Database or the Workflow Application. When you have completed
all of the details in the Illustration window, click OK to proceed to the documentation – if any
required information has been missed when you try to proceed, you will be prompted to
complete it.
When the documents are displayed, click on the Email button. A new message will open up in
your default email program, automatically pre-populated with the destination email address,
subject line and attached PDF documents.
Any emails sent from within the Illustration window will be recorded in Protector – Archiver
under View Audit.
Section 6 Changes to the IDD – new features and functionality
The process of producing an Initial Disclosure Document (IDD) has been simplified with the
addition of new features and functionality.
Click on the IDD option in the Workflow Application or via the :Broker - Mortgage
Sourcing screen, select the appropriate document from the pop-up box that appears and
click OK to access the IDD.
The right-hand side of the screen now houses a list of fields contained within the document.
Any fields that have pre-populated with previously added data will display a green tick e.g.
Intermediary Company Name and Address.
Double clicking on any unanswered fields will open a dialogue box allowing for the
appropriate information to be entered. The red cross will then turn into a green tick.
Once printed, the document will be archived for future use, and the IDD section of the
Workflow will be marked as completed.
You can now personalise your IDD directly from this screen - simply click on the File drop-
down menu and select Switch to Design Mode. The IDD will then open up in a word
processor giving you full control over amending any information you wish to. You can insert
images (e.g. your logo), page breaks and additional check boxes by clicking on the Insert
drop-down menu and selecting the relevant option.
You can restore the default IDD at any time by clicking on the File drop-down menu (when in
Design Mode) and selecting Restore to default.
Section 7 Client Database Enhancements - new Trigold import facility
You now have the ability to import your client data from Trigold into Manager: Client
Database. To do this, click on the drop-down menu File at the top of the main screen and
select Import and then Import from Trigold and run the import wizard.
Section 8 AVMs with UK Valuations Ltd
Within the Property Details workflow tab,
there is a link to UK Valuation Ltd to gain
an AVM on the property being mortgage or
remortgaged.
There is also a link to UK Valuation Ltd for
an AVM from within the Mortgage Brain
Premier home page. This will
automatically return a valuation on the
property being mortgaged or remortgaged
and save the confirmation documentation
into the Mortgage Brain archiver.
Enter the client’s property details within the
screen that is displayed. This will
automatically pull back a valuation of the
property and amend the property price if
necessary. The valuation is then saved in
the archiver for compliance purposes.
Section 9 Scottish Home Reports
Scotland have introduced their own version of HIPs (since1st December 2008), named ‘Home
Reports’. Some lenders will accept these reports in place of their own valuations.
The checkbox, when ticked, will allow sourcing to be carried out on lenders who will accept an
independent Home Report and will subsequently suppress the valuation fee in the scheme list
and on the KFI.
Section 10 Shared Ownership
Within the Mortgage Brain home page, there is the option to select the Shared Ownership
filter.
By selecting Shared Ownership, this then displays additional boxes in the Mortgage Details
section.
The system allows the collection of the property price, plus the percentage of the share being
purchased. This information, together with the deposit, allows the system to accurately source
on the products available.
Section 10 New property filters
Mortgage Brain contains specific filters for the type of property your client is purchasing.
Whether they are purchasing a converted flat; a thatched roof cottage; a property with two kitchens or
a 10 year NHBC, the filters can assist you in excluding those lenders that won’t lend on the specified
property.
Within the property filters section, options can be chosen which apply to the house/bungalow or
flat/maisonette along with the ability to check additional boxes of information that could affect the
lenders that will consider lending.
The house / flat filter on the broker filter screen will determine which products are sourced as a result of
the criteria chosen.
Lease Remaining filter
An additional box within the Mortgage Brain filters screen allows the inclusion of the number of years
left on the leasehold. This information has an impact on the products available to meet the client’s
requirements.
