Describe the company – the elevator pitch …
Mortgage Brain Ireland, the leading provider of mortgage software for brokers, lenders and consumers, and the company behind the ‘IrishMortgages’app, Ireland’s first free mortgage comparison and calculator app.
Established in 2002, Mortgage Brain Ireland holds the exclusive distribution licence for Mortgage Brain software in the Republic of Ireland. Currently Mortgage Brain Ireland has more than 180 broker companies with over 300 individual mortgage advisors using their software.
How are you different?
We are providing solutions for Brokers, Lenders and Consumers,
Firstly with our Mortgage Trading Exchange (MTE).
The proliferation of paper in today’s mortgage application process makes the entire journey slow, cumbersome and costly both for intermediaries and lenders. Working with paper slows the entire business process down and both intermediaries and lender employees spend enormous time pushing paper around.
Brokers can trade electronically using Mortgage Brain’s trading software called the Mortgage Trading Exchange (mte). This allows them to send and track applications and documents electronically with participating lenders.
Secondly with our ‘Irish Mortgages’ app
Last year, Mortgage Brain launched its ‘Irish Mortgages’ app, which is entirely free for Consumers. The App places important benefits and features at the fingertips of anyone who is looking at various mortgage and affordability options in Ireland. Key features of the app include the ability to calculate how much a mortgage will cost per month, the size of deposit and income you will require and a simple in-built calculator to determine how much an individual or couple can borrow based on the latest Central Bank lending rules.
Recent consumer research sponsored by Mortgage Brain has uncovered a serious mortgage literacy problem in Ireland, with almost seven in ten consumers not knowing how much interest they will pay a lender over the life of a mortgage. When asked to calculate the Loan to Value (LTV) for borrowings of €200,000 on a house worth €250,000, almost half (48%) answered incorrectly. The App can play a role in helping consumers become more mortgage literate.
— Mortgage Brain (@Mortgage_Brain) July 14, 2016
Why will the company / product do well?
Brokers can use our mte in conjunction with their existing CRM systems and protect their existing IT investments. This will help eliminate multiple re-keying which considerably erodes broker productivity. Lenders too will save by getting data and documents directly into their back office IT systems enabling faster and more efficient mortgage processing. All with only one single IT ‘bridge’ the Mortgage Trading Exchange.
We estimate that the industry could achieve €12 million in cost savings and productivity gains over the next four years if mortgage brokers and lenders adopted an industry standard electronic mortgage trading platform.
Consumers can enhance their mortgage understanding by using the ‘IrishMortgages’ app. The Big-4 benefits of the new ‘IrishMortgages’ iPhone App from Mortgage Brain to mortgage seekers in Ireland are: It contains some very useful mortgage calculators which, without fuss or delay, allow users to calculate and compare the benefits and advantages of all the different mortgage packages available to them. It will immediately help mortgage seekers in finding a mortgage that best suits their requirements and their circumstances. It will instantly assist them in finding a suitable mortgage broker to help them secure this mortgage. Plus, it will maintain a clear record of all their searches and activities.
Where are you based?
The Irish Operation is based in Rathgar, Dublin 6 and formed in 2002.
When was the company launched?
Formed in 1986, Mortgage Brain UK Limited is jointly owned by Barclays Woolwich, The Lloyds Banking Group, Nationwide, Royal Bank of Scotland, Santander and Virgin Money. Mortgage Brain Limited is a Microsoft Gold Certified Partner and has won a number of industry awards including the 2010, 2011 and 2012 Mortgage Strategy ‘Best Technology Provider’ Award, the Pink Service Award for ‘Best Technology Provider’, and ‘Technology Advocate of the Year’ at the 2010, 2011, 2012 and 2013 British Mortgage Awards.
75% of Consumers could benefit from Expert #Advice
— Michael Quinn (@mikefquinn) July 15, 2016
What have been your biggest wins to date?
We have been adopted by AEMA!
The Association of Expert Mortgage Advisors (AEMA), which account for almost 50 per cent of all mortgage broker business in Ireland, has announced ( June 2016) that its broker membership is going digital and moving to a common electronic mortgage trading platform. AEMA is implementing the standards-based Mortgage Trading Exchange (MTE) solution from mortgage software specialist Mortgage Brain, which is already used by over 300 individual brokers across Ireland.
The mortgage software platform allows both brokers and participating lenders to efficiently send, track and administer mortgage applications and related documents electronically. The system provides a single point of integration to all lender platforms. The savings stem from the fact that lenders need only integrate MTE once to their back office, rather than having to build and maintain multiple bridges to the systems of different broking firms.
The ‘IrishMortgages’ app has been used over 30,000 times by Irish Consumers in the past year.
What type of people (market segment) are you trying to attract to your product?
At a B2B level our focus is on Mortgage brokers and banks who lend through intermediaries.
Secondly our B2C app focuses on consumers who are seeking a mortgage for the first time, people who might want to switch and need to calculate their savings and also may want to move house and trade up to a different mortgage.
What are your long term plans for your product / company?
We want to play a productivity role in the Irish mortgage industry and enhance the productivity of the brokers and lenders. Our goal is to digitise the mortgage application process and establish a common trading platform for the industry.
Secondly we will continue to provide our mortgage search expertise for consumers so that they are more informed when making mortgage decisions.
What are your favourite tech gadgets?
- Mobile Phone and Tablet
- Cruise control in the car
- Kettle for the tea
Our Favourite Apps are
- Spotify for Music
- Google maps for navigation
- Camera – on the mobile
- Skyscanner for travel
- LinkedIn for connections
- Twitter for chatter
What tech gadgets do you wish you could use to help you?
An ‘Online Credit Bureau’ like the UK have – eg Experion
The digitization of the conveyancing process is long overdue – eConveyancing
Street level digital data on sale prices
How do people get in touch with you?
Consumers can download the ‘IrishMortgages’ app here.
— Mortgage Brain (@Mortgage_Brain) June 28, 2016