LoansBrain Frequently Asked Questions
What is LoansBrain? LoansBrain is Mortgage Brain’s whole of market second charge sourcing website. It enables an Adviser to source, based on a client’s details, a range of products from Second Charge Lenders. You can then compare the products in the Scheme List, and forward the client’s details as a lead to the Master Broker, who will then contact the client on your behalf and manage the application process. Alternatively you can advise your client on the products available, and then submit their information to the Master Broker, who will then manage the application process. Watch Roger Crocker, Sales and Marketing Director at Mortgage Brain, introduce LoansBrain in this video.
Do I have to register to use LoansBrain and how much will it cost? There is no need to register to use LoansBrain and it is provided free of charge. LoansBrain is standalone and web-based, offered to Advisers to search and source second charge mortgages for their clients across the whole of the market. Unlike sourcing systems such as MortgageBrain Classic and MortgageBrain Anywhere which provide full sourcing and compliance capability, and also integrate with MTE to submit applications direct to Lenders, LoansBrain is simply a sourcing tool. The current application route for second charge mortgages is through a Master Broker who is responsible for providing clients with the required compliance documentation if they choose to proceed with the second charge mortgage. Therefore, LoansBrain is provided LoansBrain - Frequently Asked Questions?
as a referral system and is not integrated into any other third party software, nor does it carry the ability to produce illustrations or compliance documentation hence it is offered free of charge.
How does LoansBrain work? You can carry out either a quick or detailed second charge product source. Click on either the quick or detailed source hexagon on the home page or choose from the menu, then enter your client’s details into the required boxes and click the button to source products based on the criteria you entered. A scheme list will then display information on all products that may be available to your client. You can tick the box against products to compare them and further product details can be displayed by clicking the details button on the right hand side. You can carry out a ‘quick’ source and then decide to proceed with a ‘detailed’ source by clicking the ‘Switch to Detailed Source’ button on the quick source page. The customer details will be transferred across from one page to another, saving you time. You can run another quick source query by entering alternative client details in the relevant boxes and clicking the ‘Re-calculate Quick Source’ button which will have changed colour. When you and your client have agreed on a product, the client data can be entered into the enquiry form which is then sent securely to the Master Broker who will contact your client and process the case for you. When an enquiry has been submitted you will get confirmation of the details sent to the Master Broker via email for your records. Page 1 of 2
LoansBrain Frequently Asked Questions
Which Master Brokers’ products are featured on LoansBrain?
Will my Network have their own version of LoansBrain?
Fluent Money are the Master Broker on LoansBrain. They are the UK’s leading whole of market second charge finance broker and arrange over 20% of all second charge mortgages in the UK. Having built their business on excellent customer service, they will provide the most appropriate product to your client and are known for their high quality communication. Their directors have over 70 years’ combined experience in the finance industry and that experience has been used to build their team of professionals who can get you access to the products you want, as quickly as possible.
You’ll need to ask your Network what provisions they have made for second charge sourcing.
You can contact Fluent Money by calling their Broker team on 01204 477600 or emailing firstname.lastname@example.org.
Does LoansBrain store any client data? No client information is stored on the website and any customer details submitted on an enquiry form are passed securely to the Master Broker.
Can any Adviser use LoansBrain? Yes, any Adviser who has a current FCA number can use LoansBrain.
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I use Fluent Money directly, why would I want to use LoansBrain? LoansBrain is a sourcing tool which will help you to identify whether a second charge mortgage is a sensible option for your client and you can then pass on the relevant details to Fluent Money. Alternatively you can continue as you do now.
Is LoansBrain accessible from MortgageBrain’s systems? Yes, LoansBrain is accessible from MortgageBrain Classic (desktop sourcing) and MortgageBrain Anywhere (online sourcing) by clicking ‘Secured Loan’ tab in both systems. It is also accessible from The Key (CRM and back office system).
How long will it take to source secure loan products and see the results? The time to display products will depend on your broadband or Wi-Fi connection. If you are using a mobile 3G connection, it will be slightly slower than if using Wi-Fi or Broadband.
LoansBrain - Frequently Asked Questions?