The system sources its products from defaqto who will provide mortgage data for the FSA after ‘’Mortgage Day’ on October 31.
The software uses a specially designed mortgage language which includes a word recognition tool allowing it to understand key words when sourcing products.
Richard Angliss, managing director of Homebuyer Systems, explained: “Mortgage tables are very two dimensional and can’t cope with complex lending criteria. For example, if a product allows two arrears in the last twelve months but with only one allowed in the last six months then two dimensional systems can struggle. This system reads the products like a human would.”
Angliss added that defaqto would be using the newly designed language when it provided data for Homebuyer.
Tony Corrigan, managing director of Classic Network Solutions, commented: “Homebuyer have used us to road test the new system and we have found the compliance system particularly impressive.”
He said that most brokers were open to change making them more likely to experiment with a new sourcing system.
Kevin Paterson, director of Park Row Independent Mortgages, said: “The major sourcing systems are very firmly entrenched in the market, but if this system can actually deal with the whole KFI issue I would certainly be interested.”
