Mortgage Brain registers 11.5% growth in ESIS volumes

Ryan Fowler

June 3, 2020

Mortgage Brain saw ESIS volumes produced by its sourcing systems rise 11.5% over the past week – marking the fifth week of volume growth.

The number is up by 27.7% since the housing market formally reopened three weeks ago. ESIS volumes are also up by 43.7% on the lowest point seen in the week ending 26 April, but are still down on the nine-week average to 16 March by 23.7%.

Mortgage product numbers have now risen for four consecutive weeks, increasing by 2.2% last week to reach a total of 8,635.

Notably the return of higher LTV lending and the opening up of the homebuying market have been significant drivers in this increase, with purchase products accounting for 85% of the rise.

Mark Lofthouse, CEO at Mortgage Brain, said: “There is more cause for optimism at the moment, with ESIS volumes up strikingly since the housing market reopened its doors just a few weeks ago.

“Purchase lending has swiftly recovered to account for a similar proportion of business as before the pandemic demonstrates that there is still a keen desire among would-be homebuyers to get on with moving up or down the ladder.

“But it remains extremely early days in this recovery. While we have now seen sustained improvements in the numbers of products available, they remain substantially down on pre-pandemic levels as lenders gradually adjust to the new world.

“While there is good reason to feel positive about the direction the market is heading in, progress looks likely to remain slow and steady for some time to come and it remains to be seen whether these business levels are sustainable.”

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