The mutual has reported that some brokers have found sourcing systems not to be penny perfect.
Colin Dale, head of lending at the Skipton Building Society, said: “Sourcing systems are reliable for standard mortgage applications but when it comes to more complex applications there may be scenarios where they can’t cope so brokers should go directly to the lender.”
Frank Thurlby, head of compliance at Genesis Home Loans, said: “This has always been the case. If you can’t, for whatever reason, rely on the sourcing systems software then the only thing to do is to go straight to the lender.
“I’m sure sourcing systems will be fine, but if there is any doubt brokers can’t afford to take the chance.”
Keith Barber, controller of product and business development at National Counties Building Society, agreed with Dale: “We have wihdrawn all our products from the sourcing systems apart from our SVRs.
“We see this as a way of gaining a controlled approach to the production of KFIs. We have asked the sourcing systems not to produce these KFIs as we cannot guarantee the products will be checked. But we are confident we will have all our own KFIs in place.”
Dale responded: “We won’t be pulling products from the sourcing systems but we have ensured that there is sufficient back-up for brokers if they are in any doubt.”
