New mortgage product to benefit Irish housebuyers

Potential home buyers are set to benefit with the launch of the mortgage "brain".

It has been established through a pilot group of brokers from the Independent Mortgage Advisors Federation (IMAF)and consists of four main elements.

These include a customer database, a mortgage sourcing tool designed to select the most appropriate mortgage for the customer, a documentation and compliance management system for brokers meeting best practice professional standards and the provision of locally produced application forms to speed up the mortgage application process.

In Ireland, the Independent Mortgage Advisors Federation (IMAF) has adopted Mortgage Brain as its technology platform of choice. IMAF has helped enhance the system to meet the needs of the Irish market through a pilot group of IMAF Brokers who have been using Mortgage Brain since October 2003.

Michael Quinn, co-founder of MBL Ireland, the sole distributor of Mortgage Brain products in the Republic of Ireland said today : "Mortgage Brain provides Mortgage Brokers, their clients and Lenders with a win-win proposition. For the brokers, it gives them a full back office system with instant access to the entire range of mortgage products available in the Republic of Ireland.

"It is the consumer that is the big winner as Mortgage Brain ensures they receive better choice, faster service and more comprehensive advice at no extra cost," Quinn added.

Already a major success in the UK, the new system delivers information on the latest mortgage products from all the mortgage lenders in the Irish market direct to brokers' desktops.

Over 18,000 brokers in the UK use the system on a daily basis to search and illustrate all the current mortgage products available on the market.

Tánaiste Mary Harney, said at the product launch today : "A mortgage is perhaps the single most important financial decision in a customer's life, so it makes sense to 'shop around' for the best overall deal.

"Any software solution which makes the search process easier and more comprehensive for the customer is to be welcomed," she added.