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Mortgage Brain criticised for inaccurate data

Ramesh Sharma

January 21, 2006

One broker, who wished to remain unnamed, has found it to be an ongoing problem that has often forced him to do extra work to help track down the best rate for his client. He said: “It’s often not up-to-date so you offer the rate to the client only to find it has been pulled. You have to disregard it and move on but it means putting in extra work to try and track down the right rate for the client.”

Mortgage Introducer highlighted the problem back in October with brokers complaining that information the system provided was not accurate.

Andy Pratt, chief operations officer at brokerage Alexander Hall, admitted it occasionally experienced problems with the sourcing system, but said Mortgage Brain had always been helpful in its dealings with them.

He said: “It’s a very large sourcing engine so, as things are always going to be moving in the industry, you may occasionally find a mistake. They’re only human after all and we have a good relationship with it so if there has ever been a problem, it’s been fairly quick to sort it out.”

Mark Lofthouse, chief executive of Mortgage Brain, defended the company’s system and said it was always working with brokers to help provide the best system possible.

“There could be a number of problems, such as the broker not updating their system recently or if the mortgage displayed is under the responsibility of the lender, which could lead to the broker finding a problem.

“We have circa-30,000 mortgages on our system so there may very occasionally be a slight problem with an out-of-date or inaccurate policy, but we always try to work with brokers to help improve the service we provide.”


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