Originally launched in 2004, the platform has been revised to compete with other systems, offering free non-conforming, buy-to-let and commercial mortgage sourcing. It is free to register and use and was developed with brokers to determine the style and format that they were looking for.
The product sourcing page allows for sorting by rate, provider or fee, while the non-conforming sourcing allows the broker to enter details of the applicant’s CCJs and arrears online and ensure that the product selection is suitable. Further product detail is offered on the sourcing page, with direct links to lenders’ sites offered for accuracy checking.
Paul Yallop, head of eMoneyfacts, commented: “The new site has been based on the valuable feedback we’ve received from advisers and broker user groups and as a result we feel we now offer a real alternative to the existing sourcing systems. Launching as a free to use service is a hugely exciting evolution.
“We’ve been receiving fantastic feedback from brokers already using the service. But we’re not resting on our laurels, and have a number of interesting developments lined up over the coming months.”
Andrew Hagger, head of news and press at Moneyfacts, said: “Over the next six months we will test it against other sourcing systems and when this is proved to work we believe that brokers will make the decision to work with this system alone.”
Mike Pendergast, IFA at Zen Financial Services, said: “This will be useful for comparison purposes and if you are stuck for a case. It may well throw up solutions for anything you haven’t considered previously.”
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