The first KFI from the site was produced by a broker at 12.40 am.
The system provides real time, FSA compliant new business illustrations throughout the application process using Marlborough Stirling’s Alpha+ calculations engine.
Alan Cleary, head of sales at BM, commented: “We’re one of the first lenders in the market to launch our KFI. We’ve launched so early in order to give mortgage brokers every opportunity to get used to the KFI process. We’re using it as an invaluable test period so that we can make any tweaks as and when necessary.”
Alliance & Leicester, who in the 25 September issue of Mortgage Introducer claimed they would have an online KFI before 10 October, has now admitted that its system will only go live from 1 November.
Tony Corrigan, managing director of Manchester-based Classic Network Solutions, welcomed the announcement. “Finally lenders are getting their acts together, all be it at the 11th hour,” he said. “I just hope that the whole of the market now comes in to line.”
Infinity Mortgages, who were the first lender to demonstrate a fully working KFI, also welcomed the news from BM Solutions. “It is good to know that a few more have joined the fray,” said Chris MacMahon, sales director at Infinity.
However, he questioned how many brokers would actually have to use the system 24 hours a day.
The current KFI does not include the KFI logo or the post-‘Mortgage Day’ regulatory wording. These will be added after 31 October. It is available 24 hours a day, seven days a week at www.bmsolutions.co.uk.
