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Knowledge of compliance
As a directly authorised adviser, you know how important it is to adhere to regulatory requirements. A technology system should be able to take the heavy lifting from you when it comes to seamlessly tracking and creating a paper trail to meet compliance. But, as we know, the market doesn’ t stay still for long! So, your system should be able to adapt swiftly to sudden market or lender updates. It’ s worth checking if your provider’ s systems have the ability to move quickly to ensure that your business remains compliant and current without unnecessary disruptions.
Technology capabilities
Integration with existing systems
Consider how well a new system integrates with your current setup to avoid costly overhauls. You need a provider who is flexible enough to provide you with as many, or as few, tools as your business needs to complete the mortgage process. For instance, a platform like Mortgage Brain’ s Submissions Brain simplifies the application process by allowing advisers to submit to multiple lenders with one form, reducing the need for re-keying data – one form does the job.
User-friendly
Technology should simplify, not complicate. Busy advisers need a system with a user-friendly interface that streamlines daily tasks without requiring complex training.
Fit for purpose
Your mortgage technology should provide an end-to-end solution. Ideally, it should be developed in collaboration with industry experts to ensure it addresses the needs of directly authorised advisers. Ask about the development team. Who are they, what are their backgrounds and do they understand how the mortgage distribution process works?
Data security measures
Robust data security measures are non-negotiable. Any tech partner should follow stringent protocols to safeguard client data and comply with industry standards. Ask about the measures they have in place to protect against data breaches, and also about their solution in the unlikely event that this happens. They should have a mature set of cyber policies in place to address any potential breaches.
Support and customer service
Availability and quality of technical support
Technical support is crucial, especially when issues arise outside normal business hours. Evaluate the tech partner’ s support services – how accessible are they, and through which channels? Customer telephone helplines, live chat or emails? The quicker they can resolve issues, the better for your operational efficiency.
Ongoing training
While well-designed systems shouldn’ t require extensive training, regular updates and new features may need ongoing education. Ask about training programmes to ensure you and your team stay up to date on how to get the most out of the system. At Mortgage Brain, not only do we run thorough onboarding sessions, we also host free online Masterclasses and have a host of explainer and demo videos on our website. Refresher sessions run throughout the year.
Cost considerations
Transparent pricing
Look for clear and transparent pricing. Ensure you’ re aware of any additional costs for updates, support, or training. Understand the full scope of what you are paying for.
‘ All-in-one’ solution
An all-in-one solution can be more cost-effective than managing multiple systems. Evaluate whether your tech partner provides a comprehensive mortgage software that covers all your needs, reducing the complexity and cost of integrating various tools, such as we do at Mortgage Brain. Nobody needs the headache of remembering a long list of separate passwords and logins. One login, one password, one platform to do it all. That’ s the goal.
At Mortgage Brain, we can provide the whole suite of products: Sourcing Brain, Criteria Brain, Affordability Brain, CRM Brain and Submissions Brain – an endto-end complete mortgage processing suite. Not only that, we have developed the‘ Mortgage Brain Hub’, which brings all your systems together under one roof with just one login.
The Mortgage Brain Hub is a personalised and customisable dashboard from which users will access all of their Mortgage Brain services. This means that advisers will be able to keep on top of compliance checks, have access to all client details and produce reports, as well as generate insights on lead generation, conversion rates, pipeline business, referrals, and much more. There will also be third party services included such as valuation partners. All via one login, all on one Mortgage Brain Hub dashboard.
Long-term partnership potential
Alignment of business values
Your technology partner should share your business values and long-term goals. A good partner is committed to supporting your success and should view your growth as their own.
Vision for future technology developments
Ask about your tech partner’ s vision for future developments. Are they committed to continuous improvement? A forward-thinking partner will ensure that your business remains competitive in a changing industry.
Final word
Choosing the right mortgage technology partner is a critical decision that will impact your business for years. By asking the right questions and considering factors like business needs, expertise, technology capabilities, support, cost, and long-term potential, you can make an informed choice. Select a partner that aligns with your goals and helps your business succeed.
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