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MortgageBrain Anywhere

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Presentation on theme: "MortgageBrain Anywhere"— Presentation transcript:

1 MortgageBrain Anywhere

2 Introduction MortgageBrain Anywhere is a new totally online Mortgage Sourcing System Integrated with POS2 and POS3 Fully EU Mortgage Credit Directive (MCD) Compliant MortgageBrain Anywhere is a new totally online mortgage sourcing solution. MortgageBrain Anywhere has been integrated with both our current POS system (POS2) and the new POS system, The Key, more commonly known as POS3. It provides access to a full range of product filters, allows you to source and select products and to see products that didn’t match your criteria. Once products have been selected, you can further refine the selection, obtain more information on particular product features or lender criteria, and produce illustrations (KFI or ESIS) and payment schedules. MortgageBrain Anywhere has recently been updated to comply with the EU Mortgage Credit Directive (MCD) regulations and this session will highlight the important areas in the system relating to these regulatory changes and how they affect you when sourcing a mortgage for your client.

3 Accessing MortgageBrain Anywhere – POS2
Three ways to access the MortgageBrain Anywhere Sourcing system – POS2 Mortgage Illustration Only (KFI) Pre-populates client information from POS Production of Standalone Illustration KFI or ESIS Access to Browse (previously called Product Viewer) & Calculators Product Viewer & Calcs Access to Browse (previously called Product Viewer) Calculators No client pre-population Not recommended for Illustration KFI or ESIS production 3) Product Selection within the Mtg Recommendation Screen Pre-populates client information from POS Production of Illustration KFI or ESIS Full Sourcing Access to Browse & Calculators In the current POS system, POS2, there are three ways to access the MortgageBrain Anywhere Sourcing system. There are two icons on the Mortgage Brain area of the POS Menu Bar and access also can also be gained from within the Mortgage Recommendations screen. Here is an overview of the purpose of each link. Mortgage Illustration Only (KFI) From within the Mortgage Brain Area of the POS2 Menu Bar, there is an icon titled ‘Mortgage Illustration Only (KFI)’; this version of MBA pre-populates basic client information only from your selected client. In order to produce a KFI from this version of MBA, it will be necessary to enter a Purchase Price, Deposit/Equity and Loan Amount. For BTL re-mortgage cases, it will be necessary to amend the Purchase Type from the default, which is Homemover, to Remortgage; BTL will already be pre-populated for you. Should a customer wish to be provided with a KFI without advice, it is intended that this version of MortgageBrain Anywhere can be utilised and the Advice Given must be amended to ‘We do not Recommend’, which will print on the ESIS or KFI document. You will also have access to all the Calculators and Browse tools; these will be explained in more detail later in this session. Product Viewer and Calcs From within the Mortgage Brain Area of the POS2 Menu Bar, there is another icon titled ‘Product Viewer and Calcs’. This version of MBA has been made available for access to the Browse facility (previously called Product Viewer) and Calculators; this replaces the two icons previously in POS2 titled Quick Quotes & Product Viewer. It is not recommended that you source KFI’s from this area, as no client data will be pre-populated from the POS system. Also, if a KFI is produced from this area, the advice given statement will show as ‘We do not recommend’ and the documentation produced will not be stored in POS. Mortgage recommendation screen From within the Mortgage Recommendations screen, when you click ‘Product Selection’ this will open up MortgageBrain Anywhere. It is expected that all your customers sourcing will take place using this version of MortgageBrain Anywhere. You should notice an improved level of pre-population from POS2 to MortgageBrain Anywhere. The client’s initial rate type preference, e.g. Fixed, Variable, Discount etc., may not pre-populate from POS. If so, you will be required to manually select this from within the system, which will prompt you to make this selection.

4 Accessing MortgageBrain Anywhere – The Key
Two ways to access the MortgageBrain Anywhere Sourcing system – POS3/The Key MortgageBrain Anywhere from the Start Page Production of Standalone Illustration KFI+ or ESIS Access to Browse (previously called Product Viewer) & Calculators 2) Source and Select within the Mortgage tab Pre-populates client information from POS Production of Illustration KFI+ or ESIS Full Sourcing Access to Browse & Calculators In the new POS system, POS3, there are two ways to access the MortgageBrain Anywhere Sourcing system. Here is an overview of the purpose of each link. Mortgage Illustration Only (KFI) From within the Start Page of POS3, there is an icon titled ‘MortgageBrain Anywhere’; this version of MBA doesn’t prepopulate any client information. In order to produce a KFI from this version of MBA, it will be necessary to enter any details in the boxes outlined in red, including Purchase Price, Deposit/Equity and Loan Amount. Should a customer wish to be provided with a KFI without advice, it is intended that this version of MortgageBrain Anywhere can be utilised and the Advice Given shows as ‘We do not Recommend’, which will print on the ESIS or KFI document. You will also have access to all the Calculators and Browse tools; these will be explained in more detail later in this session. Mortgage tab From within the Mortgage tab, when you click ‘Source and Select Product’ this will open up MortgageBrain Anywhere. It is expected that all your customer sourcing will take place using this version of MortgageBrain Anywhere. You should notice selected pre-population from POS3 to MortgageBrain Anywhere. All initial rate types, e.g. Fixed, Variable, Discount etc., will be selected, so any unrequired rate types will need to be unchecked before sourcing.

5 Calculators Calculators Available:
How much will it cost? (previously known as ‘Quick Quote’ Calculator in POS2) Can I save by re-mortgaging? What if rates change? How much is stamp duty? BTL Calculator Use the orange arrow to scroll along and see the BTL Calculator Input the required details and select ‘Click to Calculate’. There are five calculators available as follows: - How much will it cost? Can I save by re-mortgaging? What if rates change? How much is stamp duty? BTL Calculator The ‘How much will it cost?’ calculator replaces the calculator previously known as ‘Quick Quote’ POS2 and the BTL Calculator replaces the one previously in POS2. The other calculators are new. It is important to remember to use the orange scroll bar to find the BTL Calculator Once the required details have been entered, select ‘Click to Continue’ for the results to be displayed.

6 Browse Available from the level 1 filters screen, the first screen you see when opening MortgageBrain Anywhere Replaces ‘Product Viewer’. Ability to browse products within the sourcing software prior to carrying out a full source. No client data pre-populated Only criteria required is Purchase Type e.g. Purchase, FTB, Re-mortgage, BTL Wherever you access MortgageBrain Anywhere from, in the bottom right-hand corner of the level 1 filters screen, the first screen you see, there is a Browse icon. The Browse functionality will replace your current Product Viewer. Browse gives you the ability to browse mortgage products within the sourcing software prior to carrying out a full source for your clients. It is expected that this facility will mainly be used from the Product Viewer & Calcs icon from the Mortgage Brain area of the Menu Bar in POS2. To browse mortgage products, there is no requirement to enter any client data initially. You will be required to choose your client’s purchase type only, e.g. Purchase, FTB, Re-mortgage, BTL. The CPS Panel is defaulted for your first search. All Lenders and Specific Lenders are available once the first search has been completed. By choosing the Browse option, you will bypass all of the other filter tiles and go straight to the scheme list. The scheme list displays all products available, based on the basic initial criteria applied. When in this mode, the screen displays the word Browse in the top left hand corner. When initially displaying schemes in browse mode, some information will be hidden. These items are those that need data to allow calculations to be made, such as valuation fees. Once data has been entered and applied to the schemes displayed, this information will automatically become visible. Only one ‘browse’ screen can be displayed. If you wish to switch to sourcing from browse, simply click on the Full Sourcing button. This will take you back to the Sourcing tab, where all client data, mortgage data and full filters can be applied. To add extra information (e.g.: Applicant Salary/DOB) and browse more accurately, click on Browse Filters. Currently, you are unable to select the initial rate type (e.g.: Fixed/Tracker) and the Total Cost including ERC is set at £0.

7 Re-order Column Headings
There is the ability to re-order some of the columns. Click on settings in the top right-hand corner of your level 1 filters screen. In the column order tile, use the green and red arrows to move the columns up and down the list. Your settings will be saved for future sources. There is the ability to re-order columns. Click on settings in the top right-hand corner of your level 1 filters screen. In the column order tile, tick the columns you wish to display in the scheme results grid. Change the order of the movable columns by clicking on the Up/Down arrows next to each column. Your settings will be saved for future sources.

8 Sourcing – Levels 1 Filters
Purchase type will pre-populate from POS Lender Panel will default to CPS Panel; it is possible to change this to all lenders after the first source It is possible to source on withdrawn products for up to 30 days after withdrawal Access to Calculators and Browse from this screen Sourcing a mortgage – Level 1 Filters To carry out a new mortgage search, Purchase Type will be pre-populated from POS. Within the Lender and Products tile, the CPS Panel will be defaulted and greyed out; it will be necessary to initially search on the CPS Panel but it will be possible to return to this screen and select All Lenders once the first source has been completed. It is also possible to select withdrawn products from within the Lender and Products tile - withdrawn products remain on the system for 30 days after their date of withdrawal. To move to the next level of filters to input more data, click on the Source button on the right hand side of the screen.

9 Sourcing – Level 2 Filters
Client information will pre-populate from POS The orange box and arrow indicate there are more pages Mandatory fields are highlighted with a red box More Filters will display more filters in some tiles. Ability to ‘override income multiples’ bypassing lender income multiples when sourcing. Level 2 Filters Having selected the Source button on the level 1 filters, the second level of filters will display; some information will be pre-populated and you can input further information on your client and their mortgage requirements, should you wish to. The orange box and arrow indicate that you are on the first of two pages of filters. To move to the second page of filters, click with your mouse on the orange arrow. You will notice that there are a few fields which are highlighted with a red box. These are mandatory fields and must be completed to ensure that the scheme results displayed are accurately calculated. More Filters - this will display more filters within each of the tiles for you to apply if necessary. When switching on the More Filters button, the button will turn green to indicate that this feature is active. Scroll bars appear allowing you to use your mouse to scroll through the tiles to access the additional filters. Within the Mortgage Details tile, you will notice that the default search order is by ‘best interest rate’ and ‘show cost over’ is defaulted to 2 years.    In the More Filters tile, you have the ability to select ‘Override Income Multiples’. Ticking the check box allows you to bypass the lender income multiples when sourcing. Once all the filters you require have been applied, click on the Results button in the bottom right-hand corner of the screen to display the schemes available that match your client’s criteria.

10 Sourcing Results Displayed in a grid format by default
Sorted by Initial Rate initially, a blue line under the column heading indicates this. View – Ability to change view from grid format to tile format Sort by – Ability to sort by another column - either select ‘sort by’ icon or click on the column heading. Details – Displays product information, fees and rates Lender Notes – Displays lenders criteria Illustration – Produce a KFI/ESIS The results screen displays the schemes available that match your client’s criteria. The results are shown, by default, in a grid format. The first source is sorted by Initial Rate; this can be changed by clicking on the Sort By icon or by clicking on the column heading. The products are ordered depending on what option you chose in the Mortgage Details tile during the filtering stage. By default this is Interest Rate. You can still use the Sort By function to re-order the schemes into different views. The screen displays the rank number above each of the tiles. On the left-hand side of the screen: The View button allows you to zoom in or out and change the size of the tiles displayed on the screen. Alternatively, you can choose ‘grid view’ from this button to view the products available in a grid format. The Sort By button allows you to sort the order of the schemes into any of the options shown in this function when in tile view. If you have the ‘grid view’ displayed, then you can click on the column heading to resort the columns into ascending or descending order. The Details, KFI and Lender Notes buttons only become available once a product has been selected (by clicking on it to highlight the tile). The Details button contains four tiles showing the product information, fees and rates, specific scheme notes and proc fees associated with the product that you have highlighted (see screenshot below). You can print the details, view the lender notes or continue on to produce a KFI from this screen. Alternatively, to return to the full screen of schemes, click on the back button. The Lender Notes button displays the lender’s entire underwriting eligibility criteria. Note that there are more tiles of information by clicking on the right arrow. Illustration – Select to produce an illustration KFI or ESIS.

11 Sourcing Results continued…
Start Again – Back to level 1 filters New Search – Create additional search, e.g. difference between fixed and tracker My Searches – Displays if multiples searches have been carried out Change Filters – Amend criteria in level 2 filters screen Exclude – Ability to exclude schemes from your search results – more information to follow On the right-hand side of the screen: The Start Again button takes you back to the first level of filters where changes can be made. A warning message will appear which requires you to confirm if this function is to be carried out. The New Search button allows you to create additional searches for your client. For example, if they want to see the differences between fixed and tracker, each search can be carried out without overriding the previous one. If multiple searches have been carried out for your client, then another button, My Searches, will be visible. If you wish to amend criteria initially entered for your client’s search, then, by using the Change Filters button, this will take you back to the two filter screens. However, you may decide that you wish to keep the initial search data and create a new search for your client, enabling you to compare two different search results. Exclude Schemes Having carried out your initial search for your client’s mortgage, you may wish to further exclude schemes from your results screen that do not fit specific areas of your client’s criteria, such as the amount of fees or a specific lender. To do this, click on the Exclude button.

12 Sourcing Results - Exclude Schemes
Exclude button – When using for the first time for your client, this screen will be blank Select ‘New’ from the bottom right-hand corner Two Options: Add Exclude Rule Manually Exclude Schemes Add Exclude Rule – Enter the parameters you want to remove, then save Manually Exclude Schemes – Click on the box next to the lender name and logo of the product you want to manually remove – you will be required to give a reason for exclusion Exclude Schemes If you are using this function for the first time with your client, then the next screen will be blank. Click on the ‘New’ button in the bottom right-hand corner of the screen to create a new ‘exclude filter’. Click on ‘Add Exclude Rule’. A box will appear with a number of options available for items to exclude. Select the option you require, enter the parameters you want to remove from the results list, for example, total fees greater or equal to £1,000. Once you have entered the exclude criteria, click on Save. Once saved, the exclude box will confirm the criteria and will also show the number of schemes that will be removed from the results screen, based on your criteria. If you wish to add additional exclude options, and then simply follow the same process. If you wish to bring the excluded schemes back into the ‘Results’ list, simply click on the ‘Exclude’ button and delete your Exclude criteria; your scheme list will return to the original schemes sourced. The criteria for any schemes that you choose to exclude from the original list will be included on the Product Selection Report which is explained later in these slides. The other option is ‘Manually Exclude Schemes’. If you click on this option, you are taken to your results list where you can manually exclude schemes by clicking on the box to the left of the lender name and logo. When you click on Save, it asks you to give a reason for excluding the schemes. It will take you back to the exclusion screen where you can click on Update Results, which will take you back to the results screen, without the schemes you have manually excluded. To edit or delete the manual exclusion, click on it and click on edit/delete in the bottom right corner.

13 Sourcing Results – Compare/ Unmatched/ Best Buys
Compare – Ability to compare products side by side Unmatched – Shows all products that have been removed from the scheme list due to the client criteria being specified, including a reason for exclusion – more information to follow Best Buys – Client specific tables to be used as a talking point with your client if appropriate. Compare The compare button will allow you to select a check box to the left of the lender name and logo of the products you wish to compare. These will then be displayed side by side for easy comparison of basic product information. Unmatched The Unmatched button will show you all of the products that have been removed from the scheme list due to the client criteria being specified. There could be a number of reasons a scheme is unmatched and by using the Unmatched button this will show you all of the schemes, together with the reason they have been unmatched. More information on the next slide Best Buys The best buy tables are designed as an opportunity for discussion with a client; a KFI cannot be produced from the best buy tables. The best buy tables are designed to be client-specific, therefore providing information that is meaningful to the client. Standard default options are available to choose from, which are based on Rate Control or Rate Type. If selecting 2, 3 or 5 year best buy tables, this will display fixed, tracker and all products that are applicable to the client for the selected time period. If selecting the best buy options for fixed, variable or all products, this will display the relevant rate type based on time periods of 2 years, 3 years and 5 years. The Best Buy tables open, by default, in a grid view. Each table is calculated on cost over the specified time period (cost inc fees & ERC over N yrs), displayed in ascending order. The columns displayed are fixed by default and cannot be modified.

14 Sourcing Results – Unmatched
Unmatched – A red band at the top of the screen will indicate that the ‘unmatched’ schemes are being displayed No calculations will have been carried out, e.g. Total Cost Inc Fees The details button will display the Exclusion Reasons It is possible to change filter criteria to include schemes excluded due to the original filter settings Unmatched Having pressed the Unmatched button, it will open up a screen of schemes which will have a red band at the top of the tile, to indicate that these are unmatched schemes. Within the grid, you will see a reason why a product may be unmatched from your client’s required criteria. To see the full list of reasons, click on a scheme and press the Details button. You will also notice that no calculations have been carried out for unmatched schemes, hence the Total Cost Inc Fees & ERC is always set to zero. To return to your matched schemes, simply click on the Matched button in the bottom right hand corner of the screen. From the Unmatched screen, you can also click on Change Filters to amend your original filter criteria to subsequently include a scheme that may have been excluded due to the filters set.

15 Producing an Illustration
Select Illustration from the sourcing results screen to produce an illustration Details Tile – Will be pre-populated from the POS system Fees Tile – Broker Fee - field will automatically pre-populate with the relevant CMAF. Valuation Fee - amend the valuation fee to reflect a homebuyers fee by selecting the cog next to the Valuation Fee field Adding Fees – If a fee can be added to the loan, a check box will be visible next to the fee Proc Fee Tile – Will automatically populate the correct proc fee for both the KFI and ESIS. The Details tile will automatically default to the relevant settings. Advice Given will default to ‘We Recommend’, this can be changed if necessary. If the applicant name and address have already been collected, this will pre-populate the relevant fields. The Fees tile will pre-populate the fees associated with the product chosen, including the Broker Fee/CMAF. To amend the valuation from a Basic Valuation to a Homebuyer Valuation, you can manually overtype the amount in the Valuation Fee box. This will then be amended on the Illustration. If you are adding the fees to the loan, you can do this in the ‘Fees’ tile. Tick the ‘Add to loan’ checkbox next to the relevant fee. The Proc Fee tile will pre-populate with the set proc fee for both the KFI and ESIS. The fee is payable to Countrywide Mortgage Services.

16 Illustrations MortgageBrain Anywhere will produce a KFI and ESIS for all lenders, with one exception For Foreign Currency Mortgages only an ESIS will be produced The illustration the lender will produce with their Mortgage Offer will be highlighted in green. It is important that you print the KFI only (even if it is not highlighted green) and pass this to your client. Do not print the ESIS unless you are recommending a Foreign Currency mortgage. MortgageBrain Anywhere will produce both a KFI and ESIS Illustration for all lenders, irrespective of which document the lender will be producing with their Mortgage Offer. It will be the responsibility of the Mortgage Consultant to ensure the correct document is printed and given to the customer. You must produce a KFI for all lenders, irrespective of which document the lender will produce with their Mortgage Offer. The only exception to this rule is Foreign Currency mortgages, which an ESIS document must be produced and given to the customer. The document the lender will produce with their Mortgage Offer will be highlighted in green, but you must produce only a KFI, apart from the exception above.

17 What Illustration will the lender produce?
Lender ESIS column will show in MortgageBrain Anywhere If this column says ESIS, this indicates that the lender will produce an ESIS with their Mortgage Offer. However, a KFI, not an ESIS, should be printed and given to your client. If this column is blank the lender will produce a KFI with their Mortgage Offer and, again, a KFI should be printed and given to your client. A column will display in MortgageBrain Anywhere titled ‘Lender ESIS’, if column says ESIS, this indicate that the lender will produce an ESIS with their Mortgage Offer. However, a KFI, not an ESIS, should be printed and given to your client unless it is a Foreign Currency Mortgage. If this column is blank the lender will produce a KFI with their Mortgage Offer and, again, a KFI should be printed and given to your client unless it is a Foreign Currency Mortgage. It may be necessary to scroll along to the right to see the Lender ESIS column, it is possible to move this column to the left from within the Settings area as explained in the MortgageBrain Anywhere Training WebEx.

18 What Illustration will the lender produce? Continued…
A Guide to Panel Lender MCD Decisions is available from within the MCD & MMR area of the Consultant Zone This guide will detail whether the lender will produce a KFI or ESIS with their Mortgage Offer This guide will also highlight whether the lender will be supporting Foreign Currency Mortgages and/or Consumer BTL Mortgages. It is important to refer to lender’s websites and BDM’s for full details of their criteria for these types of mortgages. A Guide to Panel Lenders MCD Decisions has been prepared which summarises whether the lender will be producing a KFI or ESIS with their Mortgage Offer and whether they will be supporting Foreign Currency Mortgages and/or Consumer BTL Mortgages. It is important to refer to the lenders websites or BDM’s for full details of Foreign Currency Mortgages and Consumer BTL criteria.

19 Mortgage Illustration - KFI
Additional information and positioning of items displayed on the new KFI: Reflection Period – above Section 1 of the KFI, there is now text, supplied by the lender, explaining the cooling off period. APRC and Historic APRC – Section 5 displays the APRC references and Section 7 displays the Historic APRC information (2nd APRC). Additional information and positioning of items displayed on the new KFI: Reflection Period – above Section 1 of the KFI, there is now text, supplied by the lender, explaining the cooling off period. APRC and Historic APRC – Section 5 displays the APRC references and Section 7 displays the Historic, or 2nd, APRC information. The Historic APRC is calculated using rates based on the difference between the current BBR and the highest BBR value in the last 20 years, with particular treatment of fixed rates and those with caps. If a product tracks another external reference rate, such as LIBOR, then the calculation is based instead on the difference between the current LIBOR and its historic 20 year high.

20 Mortgage Illustration - ESIS
Unlike the KFI, each section of the ESIS can be dynamically renumbered Items that have been included in the ESIS or repositioned from the KFI illustration are: Proc fee Client’s property address Value of property APRC and Historic (2nd) APRC Reflection period Assumption text Unlike the KFI, each section of the ESIS can be dynamically renumbered, as some information is dependent on whether the information is present. So please be aware that not all ESIS will have the same information in the same numbered sections. Items that have been included in the ESIS or repositioned from the KFI illustration are: Proc fee - On an ESIS, you are required to show the amount received by the intermediary, but you must not include remuneration paid to a third party. Client’s property address - the illustration produced allows the client’s property address to be recorded. Value of property – also includes reference to the property valuation and the minimum value of the property required to borrow the illustrated amount. APRC and Historic (2nd) APRC – the Historic APRC uses standard MCD required text to explain the calculations, which may differ slightly between mortgage products. Reflection Period – above Section 1 of the KFI, there is now text, supplied by the lender, explaining the cooling off period. Assumption text – where a lender has not provided Mortgage Brain with the full information to generate their ESIS, they have made some assumptions for the textual areas of the ESIS. The default text at the top of the ESIS reads : “This ESIS is indicative as the lender has not provided all the information necessary to produce a full ESIS”

21 Other Documents In addition to the Illustrations, Mortgage Brain will also produce the following documents. Schedule – You are used to this printing with the KFI; it will be necessary to print this separately and give this to your client. Affordability – This is to be used as a talking point with your client and demonstrates the impact of 1%, 2% and 3% increases in interest rates on monthly payments. Product Selection Report – This is a compliance document and must not be given to your client. It is important to remember that the documents can sometimes take a few seconds to save. Wait for confirmation they have been saved before opening them; the words ‘Documents saved ok’ will display below the list of documents. Schedule The Payment Schedule is currently printed out automatically with your KFI. In MortgageBrain Anywhere, it will be necessary to print this document separately and give it to your client with the KFI or ESIS. Affordability Can be used as a talking point with your client; it demonstrates the impact of a 1%, 2% and 3% increase in interest rates on the monthly payments of your selected product. Product Selection Report The Product Selection Report records information about the client filters applied to the search, any schemes that were excluded during the search and the ranking of the product chosen for your client. It is also time and date stamped. This is NOT to be given to the customer; it is for use by the BQM department only.

22 Foreign Currency Mortgages
There is a Foreign Currency filter included in the level 1 filter screen. By selecting this filter, only lenders offering these products will appear in the scheme list. This, in turn, will generate a Foreign Currency tab for completion during the illustration process. The additional Foreign Currency tab will require the name of the currency, the currency plural (which will be populated automatically) and an exchange rate. In order to obtain an exchange rate, please use this link to the Bank of England Interest and Exchange Rates report: There is a Foreign Currency filter included in the level 1 filter screen. By selecting this filter, only lenders offering these products will appear in the scheme list. This, in turn, will generate a Foreign Currency tab for completion during the illustration process. The additional Foreign Currency tab will require the name of the currency, the currency plural (which will be populated automatically) and an exchange rate. In order to obtain an exchange rate, please use this link to the Bank of England Interest and Exchange Rates report:

23 Remortgage – Country Selection
When sourcing for re-mortgage products, there is a mandatory country filter within the Property Tab This filter is required because of the need to calculate a registration fee. There is a user setting that allows the country to be set permanently, negating the need to select it each time a re-mortgage is carried out. When sourcing for remortgage products, there is now a mandatory country filter, within the Property tab, because of the need to calculate a registration fee. Mortgage registration fees are the fees charged by the land registry for registering a mortgage on a property, so they are national fees that don’t vary between lenders, but do vary between countries. The fee has to be displayed within the ESIS, but only has to be shown on an ESIS if the lender is charging for it. All countries offer a discount on the fee if it is paid electronically, therefore, some lenders will include this as a fee in the ESIS, and some will say it’s an unknown fee because of how the client may pay it. This fee should also be included in the APRC calculation. There is a user setting that allows the country to be set permanently negating the need to select it each time a remortgage is carried out.

24 Consumer BTL When sourcing for BTL products, the Consumer BTL filter is available in the Buy to Let tile in Level 2 Filters. By selecting this filter, only lenders offering these products will appear in the scheme list. In addition to this, you need to select the Regulated checkbox in the Details tile on the Illustration screen, otherwise the KFI will show as ‘Non Regulated’. The Regulated checkbox in the Details tile does not need to be selected if you are doing Consumer BTL with Virgin Money, as currently they are not treating this as regulated.


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