The specialist lender of Bradford & Bingley has written to all its brokers informing them that while the lender has received full FSA authorisation and will be offering a fully-compliant service from 31 October, it is nonetheless anticipating “some last-minute technical issues”.
It goes on to explain how brokers can download decision-in-principle (DIP) forms from the lender’s website, which can be faxed to MX in order to receive a paper KFI.
Unregulated buy-to-let business is unaffected and there will be daily updates on the lender’s we site informing brokers of the latest developments.
Daniela Conte, head of media relations at Mortgage Express, explained that the lender hoped to maintain broker support by being honest about the problem.
Richard Angliss, managing director of the Homebuyer sourcing system, commented: “Brokers are all being told by lenders to go to their websites to ensure that their KFIs can be guaranteed. But now we find that in some cases lenders will not be able to verify cases on their websites.”
Alan Cleary, head of sales at BM Solutions, commented: “While we don’t want to jump on a competitors misfortunes, we feel duty boind to point out that our KFI is currently available on our website.
“MX are using the same system as us and I know that while 80 per cent of problems can be sorted out pre-launch, there is always the other 20 per cent which only reveal themselves when the system is live.”
Cleary went on to predict that other lenders would soon be making similar announcements. “Any lender who has not pre-launched will experience problems,” he said.
