The new system, introduced from Mortgage Day, means that the accuracy of KFIs generated by Mortgage Brain can be compared against those generated by lenders, and proactively checked for discrepancies. Following these checks, KFIs that fall within the 1%/£1 tolerance level allowed by the MCOB rules are clearly indicated by a 'Blue Square’ on the Mortgage Brain sourcing system. If a KFI is found to potentially fall outside the tolerance level, after being compared to the lender KFI, it is investigated and if confirmed, introducers will be able to view the product as a ‘quick quote’ but will not be able to print them.
Commenting on the new procedures to indicate KFI accuracy, Mark Lofthouse, Mortgage Brain CEO said, “Mortgage Brain continues to lead the way for product data and KFI accuracy. The acid test for KFIs comes when they are compared to those generated by lenders and no other point of sale system has offered introducers the additional levels of certainty and confidence that we offer in order to pass this test. Seeing a blue square on the screen next to the mortgage product clearly indicates that KFI verification has taken place, providing additional confidence in the accuracy of our mortgage product information.”
The new system for checking the accuracy of KFIs has been supported by several of the UK’s lenders, and more are expected to come on board soon.
Joe Flynn, Head of Intermediary Mortgages at Royal Bank of Scotland added, “It is essential that brokers can access accurate data, regardless of whether this comes through us, or a sourcing system. We’ve worked closely with Mortgage Brain to ensure they are able to calculate the relevant information and generate accurate KFIs for RBS products. By taking extra measures to compare our KFI outputs against those provided by Mortgage Brain we can alleviate the concerns of introducers, and allow them to access KFIs by which ever means they choose.”
Participating lenders include;
- Abbey
- Hinckley & Rugby
- Norwich & Peterborough
- Accord
- Kensington
- Principality
- Alliance & Leicester
- Lambeth
- Royal Bank of Scotland
- Bristol & West
- Mansfield
- Scarborough
- Chelsea
- Monmouthshire
- Scottish Widows Bank
- Cheltenham & Gloucester
- NatWest
- Ulster Bank
- Clydesdale
- Newcastle
- The Woolwich
- Coventry
- Northern Rock
- Yorkshire B Soc
- First National
- Nottingham
- UCB HomeLoans
The levels of certainty and confidence, over and above what Mortgage Brain has been undertaking to date, are: -
Product details verified by the Lender – identified by a green traffic light
Mortgage Brain and Lender KFI output checked – identified by a blue square
