Mark Lofthouse, chief executive of Mortgage Brain, said the company had found that brokers needed more than just a sourcing system tool going into the regulated market.
He said: “We see our compliance solution as a crucial aid for brokers going forward. Our sourcing tool will still be a major component of our business but we will be making efforts to push our compliance proposition.”
Mortgage Brain is in the process of hosting 10 roadshows around the country to demonstrate its compliance tool where it is expecting over 2,000 brokers to attend.
Mortgage Brain’s compliance tool includes; compliance documentation including Initial Disclosure Document (IDD); factfind; client checklist; customer declaration and ‘reasons for recommendation’ letter; comprehensive audit trail and electronic document storage archive.
Bill Safran, joint managing director of Trigold, commented: “We are already heavily involved in providing a complete compliance system to intermediaries, including IDDs, KFIs and suitability letters. Compliance Shield allows firms to review all activities inducted at the point of sale.”
And Sean Hornsby, sales and marketing director at Mortgage 2000, said: “This is just the way sourcing systems are going and will evolve in the regulatory environment. Our Compliance Manger has been running for months now. And we don’t charge for it.”
Mortgage Brain has announced that transaction volumes using the Mortgage Trading Exchange are now exceeding the £10 billion per year mark, less than 12 months after going in to full production.
