Michael Bolton, head of mortgages at BM Solutions, recently stated he was not convinced sourcing systems would be able to provide FSA-compliant Key Fact Illustrations (KFIs) before ‘Mortgage Day’.
However, Mortgage Brain said it was continuing to grow rapidly and following a series of recent appointments has more than doubled its staff over the last two years. It is also opening another office in South Birmingham to provide more technical support.
Mark Lofthouse, chief executive at Mortgage Brain, said: “In preparation for the additional help and support our customers require as regulation becomes a reality we have staffed up to ensure that the level of service our customers expect is maintained and improved. It is ridiculous to say that sourcing systems will not be able to supply accurate KFIs.”
Recent research by Mortgage Brain shows that lenders who account for over 75 per cent of mortgages sold in the UK now verify their product details on its system.
But Alan Cleary, head of sales at BM Solutions, commented: “We’ve got 250 products on the go. It would cost us around £100,000 a year to allocate half a dozen staff to verify these deals on the sourcing systems. We can’t see how Mortgage Brain’s staff would be able to check every product on the system with our own data to make sure it matched.”
He added: “The only way for brokers to guarantee they are getting compliant KFIs is to go onto the lenders’ own website.”
