- Fully compliant by Mortgage Day with new features and developments -
In light of forthcoming regulation, Encore - which already features full MTE integration - has undertaken a three phase roll out programme to ensure it will be fully compliant under the new regulatory regime come 31 October.
Phase 1 - Encore has already made available an 'Initial Disclosure Documents Wizard' within Encore, rather than Terms of Business, which is mandatory under new regulation.
Phase 2 - completed last month, Encore has enabled the user to formulate a dummy KFI using Encore's new feature 'KFI Wizard', giving the broker the opportunity to view questions and how the finished document should look. In addition to this, the 'Fact Find' within Encore, has been revamped to give pinpoint accurate results.
Phase 3 - Encore enters the final phase this week with the roll out of Phase 3, and with ongoing development up to and beyond M-Day, Encore will then provide the user with off line KFI capability with those lenders who are themselves ready and an upgraded Compliance Manager which keeps track of the prescribed sales process and records each move along the way, unlike some software sourcing systems Compliance Manager is included "Free of Charge" with Encore.
Steve Butler, national sales manager, Encore, said: "Rather than simply delivering a completely new system all at once and at a time when the user has to cope with the new regulatory requirements, we decided to give our subscribers the opportunity to view and familiarise the new documents prior to Mortgage Day. We are updating our system all the time and additional new features are planned which will add value to our user's businesses. These will be announced shortly.
"With the onset of new regulatory processes, it is of paramount importance that our users are fully geared for this. Mortgage 2000 is at the forefront of technology and I see these stages as a way of giving confidence to our customers. Encore will be capable of what is required when regulation comes our way at the end of October. At that point, we will simply turn off the old MCCB requirements, and switch on our new processes."
Encore is now one of the most comprehensive sourcing systems ever produced, providing intermediaries access to every UK lender and nearly 10,000 products.
Mortgage 2000 mortgage sourcing software includes details of all products from every UK lender at a cost of £23 a month. Mortgage 2000 currently has 7,500 subscribers.
