widespread industry concerns that the sourcing systems cannot provide accurate and compliant KFIs, PTI said it had told its AR members to go directly to lender websites to get illustrations.
Mike Allison, managing director at PTI, said: “This is an initial step we have taken. As part of our compliance procedure we feel the safest route for our ARs is to get KFIs from lenders’ own sites.
“Once we can work with the sourcing systems in order to guarantee we can get accurate information from their KFIs, we’d be happy for our ARs to use them.”
Allison gave no timeframe as to when PTI would allow its ARs to get KFIs from the sourcing systems.
In contrast Mortgage Introducer – News can reveal that Mortgage Next is encouraging its brokers to use the sourcing systems to obtain KFIs rather than the lenders’ websites.
Mortgage Next said as these sourcing systems integrate seamlessly with its own point-of-sale compliance system, Cornerstone, if brokers use a sourcing system the KFI data is automatically transfered to Cornerstone and there is no risk of inaccuracies caused by human error.
However, if brokers go to a lenders’ website to obtain a KFI and then manually input the data, there is a risk of human error.
Mortgage Next added it is aware of the concerns being expressed about the accuracy of sourcing systems’ KFIs and will be monitoring the situation carefully over the coming weeks.
Mark Lofthouse, chief executive of Mortgage Brain, commented: “It’s up to each individual company to review the options available and sort out who they want their members to use to get accurate KFIs.”
