Whilst welcoming the news of the government’s latest bank bail-out measures, designed to help stabilise the UK economy, Sesame mortgage chief John Cupis believes lenders will remain cautious and capital-constrained for some years to come. Sesame’s new service helps lenders by providing safeguards to ensure they don’t go over required lending levels.
Sesame’s new online system builds on previous tranche management activity undertaken in 2008 and has been road-tested with lenders and advisers to ensure it meets the needs of all parties.
Advisers will have the ability to reserve funds from lenders who wish to control volumes more closely. Lenders will be able to use the web-based system to access real-time reservations from Sesame’s adviser base, both in the network and directly authorised markets. Sesame network members and advisers within the Sesame Direct Mortgage Service will be registered to the service automatically.
The system, designed by Sesame’s product development team, provides lenders with the opportunity to monitor cases by individual case number, overall volume, product, LTV, loan size or any other product component specifications.
John Cupis, Sesame’s managing director for mortgages and general insurance, said the system’s launch was particularly timely given the news of this week’s bank bail-out measures, which while good news for the economy, are unlikely to restore lending to levels that advisers have been used to in the past.
Cupis said: “This is another innovation from Sesame that delivers value for both advisers and lenders. By using the online system lenders will have the freedom to control volume and quality from their desktop – ensuring they don’t go over their capital lending levels - and advisers will have access to lending from providers that have limited funds.
“The current climate means that networks and mortgage clubs cannot afford to be complacent. We continue to invest in our mortgage proposition for the future of our members and we are excited by the launch of this new system,” he said. “While network members will be automatically registered, all directly authorised firms can register to the Sesame Direct Mortgage Service free of charge and take advantage of new lender deals as they become available.”
Nigel Hoath, managing director of Sesame member firm Hoath Independent Financial Planning said: “We are particularly impressed to see Sesame develop another highly useful tool to support mortgage advisers during this difficult funding period. We see the new system as having the ability to help lenders secure further funds for Sesame members and I’m looking forward to lenders utilising the service for our mutual benefit.”
