57% of respondents to the July census, undertaken by NMG Consulting on behalf of the Association of Mortgage Intermediaries (AMI), believe sourcing systems should be responsible for the information provided in KFI documents. 39% said lenders should be responsible for KFIs generated from sourcing systems, with just 4% adding that intermediaries should hold responsibility.
While sourcing systems do not carry responsibility for the information they display, the majority of respondents still favour sourcing systems when generating KFIs. 52% identify sourcing systems as their preferred method of obtaining KFIs, with 35% preferring lender websites, and 12% preferring to produce the documents internally.
The Census also reveals the growth in online submissions of mortgage applications, with 62% of brokers saying they now process more than half of their business online. 2% said they submitted all of their business online, 34% say they process less than half online. 2% said they process no online cases at all.
Ben Stafford, Policy Officer at AMI, said: “Any process which speeds up and improves the application process for brokers and their clients will be welcomed. The increase in on-line trading is proof of this.
“The findings also illustrate some areas where catch-up would be welcome, in particular greater cooperation between lenders and sourcing systems. Guaranteed product accuracy and improved options for submission are clearly the next priorities for the industry to work towards.”
A large majority of intermediaries are united in their view of lender credit checks on clients, with 71% saying lenders are not doing enough to move from “hard” to “soft” footprints. “Hard” credit checks can still have an impact on clients' credit scores, and only 7% believe lenders are doing enough to resolve the issue.
