The pack is being sent to the 20,000 brokers who are registered with the lender. It details how the Initial Disclosure Document (IDD) and Key Facts Illustration (KFI) will fit into the bank’s application process post-‘Mortgage Day’ and highlights changes to the bank’s client information checklist, commission terms and amendments to terms of business.
Brian Ewing, head of intermediary sales at IF, said: “These are exciting times within the mortgage industry. No matter what route a broker has chosen to follow, life will not be the same from 31 October.
“Processes, record-keeping and reporting methods will change and we, as a lender, will do our utmost to make a transition to the new regulated environment as smooth as possible.”
Jennifer Blackwood, senior communications manager at IF, explained that while the processes were available on the lender’s website, brokers found that having to download the information and print it out was costing time and money.
Blackwood said: “Whenever there are changes in terms and conditions it has to be in print. We are responding to brokers wants and needs by highlighting changes; with the website and information packs we are trying cover every angle.”
However Alan Dring, head of sales at Standard Life Bank, said: “We prefer to take a more personal approach rather than showering brokers with paper. Dealing with them face-to-face or over the telephone helps to reinstate messages of support and commitment to a long-term relationship.
