Accord have produced a timetable informing brokers what will be available and when. Key dates include 13 August when Accord published its factfind which brokers can complete online from 31 October to guarantee an immediate KFI.
In mid-September it will publish examples of completed KFIs on its site. The compliant KFI engine will go live on 31 October.
Linda Will, managing director of Accord, explained that - despite calls for lenders to have systems available early – the lender had no intention of issuing a pre-31 October KFI due to the sheer volume of work already underway.
“We have been working on developing compliant systems since last year,” said Will. “Brokers should be looking for similar information from other lenders if they wish to be reassured that developments remain on timetable for ‘Mortgage Day’.”
Andy Frankish, operations director for Mortgage Talk, said: “It is good to see them taking the initiative and laying the gauntlet down to other lenders.”
Chris Cummings, director of AMI, said: “We have been calling upon lenders to keep brokers up to date on their preparations in creating KFIs and this is a step in the right direction. Accord are rising to the challenge and it’s good to see them publishing working examples. We urge other lenders to do the same.”
