Loan master broker Promise Solutions has launched Multi Quote in response to requests from introducing brokers for more detailed secured loan comparisons.
Brokers can already get secured loan quotes from Promise in around one minute either online or over the phone. The latest innovation is just as fast but provides eight different product variations which can be printed or retained electronically on the brokers compliance file.
Steve Walker, managing director at Promise, says: “This unique new tool takes secured loan referrals to another level and sets the benchmark for brokers.
“It’s a fantastic sales and compliance aid and every introducer and master broker will need tools like this in the future.
“Our loan underwriting and compliance system, Loanbrain, can produce accurate quotes based on the borrowers actual circumstance and then display eight options which include the cheapest tracker rate, cheapest two-year fixed, three-year or five-year fixed, lowest interest only, lowest APR, lowest fees, or lowest total cost over the term of the loan.
“Brokers get a huge amount of information and whether it is used for research to compare with a remortgage or as a preliminary Discussion document prior to a referral, the whole process is amazingly fast and slick. It is available on Loan Brain Lite for fast comparisons as well as Loan Brain Pro after more detailed underwriting has been carried out.”
Walker added: “The old industry approach of providing brokers with a comparison which shows a selection of the lowest rates goes some way towards creating a compliance audit and some brokers seem happy to rely on this.
“However we believe comparison by only lowest rate is flawed and for some time we have also factored lender fees and ERC’s in to our comparisons.
“Multi Quote takes this to the next level by including all the main product variations. I don’t believe there is anything available to brokers which comes close to this level of detail, accuracy and speed.
“These are the type of tools the entire industry will need over the next 12 months and mortgage brokers should take a good hard look at how they are introducing secured loans right now. Getting wrong today could have a sting in the tail in the future.”
The latest innovation is available to brokers registered directly from Promise or through one of the loan portals it has developed for leading mortgage networks and clubs.