The KFI facility is being made available to brokers via Infinet, the company’s online application processing system.
Infinet also provides mortgage brokers with the ability to pre-populate online applications using previous inputs; an ‘intelligent’ application form which requires only necessary fields to be completed; and proc fee tracking showing pipeline fee potential as well as fees falling due.
Future development of Infinet will provide a white-label option of the system for network Principals.
Matt Gilmour, chief executive at Infinity, said: “This is a real coup for Infinity. By developing our online capability from scratch we’ve been able to leapfrog our competitors, many of whom have become bogged-down upgrading legacy systems. We have listened to what mortgages brokers have been asking for and have tailored our system to do just that.”
BM Solutions also announced this week that it will launch its regulation-ready online service on 10 October 2004.
However Alliance & Leicester has said it will be launching its online KFI system before BM. Mehrdad Yousefi, head of intermediary mortgages at A&L, said: “We will be announcing shortly when our compliant online system will be ready. But I can say that it will be before 10 October.”
BM said that from 10 October mortgage intermediaries will be able to access an accurate and guaranteed KFI directly from its website. From ‘Morgage Day’ BM’s KFI will continue to be produced in the same way but will then also contain the Key Facts logo and the appropriate regulatory wording.
Accord Mortgages, which has produced a timetable informing brokers of the stages reached in its production of compliant KFIs, said it is sticking by its stance of not issuing a pre-31 October KFI.
