An industry source told MI that C&G, owned by Lloyds TSB, will not be in a position to issue online KFIs on 31 October to all intermediaries and that only a limited number of brokers will be able to access KFIs from its website come the start of statutory regulation.
The source said C&G would have tested its online KFIs but was not prepared to make it readily available to all brokers.
The source believes C&G’s online KFIs will be accessible to all intermediaries from mid-November.
The source said: “It seems C&G has hand-picked a number of brokers to test its online facility to make sure it is fully compliant before making it widely available. I suspect the lender underestimated the desire of brokers to get KFIs straight from its website rather than the sourcing systems.”
Sue Knight, spokesperson for C&G, said: “It is correct that not all brokers will be able to get KFIs from our intermediary site come ‘Mortgage Day’.
“The system is still evolving and will be accessible to brokers that have been supporting us all along. But any intermediary can still get online KFIs from the sourcing systems and we have verified all these products.”
Knight added: “Many of our intermediaries do business through our branches anyway where paper-based and faxable KFIs will be available.”
Knight could not confirm when its online KFIs would be available to all intermediaries.
In addition MI - News can also reveal that NatWest, which is owned by Royal Bank of Scotland, will also not have its online KFIs ready for ‘Mortgage Day’.
Ronan Kelleher, spokesman for NatWest, said: “We will be introducing online KFIs very soon. But it was not our aim to have them up and running by ‘Mortgage Day’.”
MI – News also exclusively revealed last week that Mortgage Express may not have its online KFIs ready until a couple of weeks after ‘Mortgage Day’.
For a detailed look at lender’s online KFI capabilities turn to pages 20 and 21.
