The recent FSA update revealed the worrying statistic that only 13% of mortgage firms had met the March deadline although the FSA did recognise that many firms have invested considerable time and energy. The next major TCF deadline is December and the FSA is encouraging in their belief that 80% of firms in their sample are still capable of meeting the December deadline.
Paul Holden, sales director at MortgageStream is keen to reassure any brokers yet to put systems in place that it’s not too late to find a solution. He commented: “Even though the March deadline for firms to have management information in place has passed, this should not stop brokers from getting their houses in order now. It would be easy for some firms to believe that having missed the March deadline that they cannot catch-up and this is simply not the case.
“I believe the greatest danger for successful TCF implementation is if firms think they’ve left it too late and believe that there is no point starting the process now. This cannot be allowed to happen; it’s simply too important an issue.”
MortgageStream claim that most firms actually have the majority of data and detail they need especially if they use a leading sourcing system and by utilising a case management system with an integrated TCF module can provide an almost instant solution.
