The improvements mean that there is a clear line between true self cert products, where income will not be requested, and the new fast track products where reduced underwriting criteria is used initially but lenders reserve the right to check the income or seek verification at any stage.
The distinction between the two products has previously been impossible for lenders to make within the narrow confines of sourcing system listing. Lenders can now distinguish between Fast Track and Self Cert when entering products on the system enabling customers to clearly chose which product they want to select. This will reduce the number of cases that need to be re-sourced and enhance brokers’ compliance with TCF standards.
David Thompson, sales director at Trigold believes that this is a leap forward for the industry and sourcing systems. He said: “The fast track listing issue has generated some strong criticism within the industry although not all justified. Those lenders offering the reduced criteria of fast track products simply didn’t have the opportunity or ability to list their products in the appropriate manner.
"Now, thanks to the flexibility of the Trigold system and the work of the IT team, lenders can post products fast track accurately and brokers can proactively include or remove them from the search criteria. This is another example of Trigold listening to brokers and acting swiftly to meet their needs. All sourcing systems need to do the work to ensure that this type of product can be listed and sourced accurately.”
David Murphy, sales & marketing director at TMB said: “This is a very welcome breakthrough for the industry. There were certainly questions being asked about the suitability of listing fast track products as self cert.
"There is a fundamental difference between fast track (effectively a lender's internal underwriting rule-base) and products from lenders such as TMB who offer true self cert where no income verification is sought. The challenge was to be able to adapt the technology to fit the speed of innovation in the market and we welcome the new era of accuracy in self cert listing that this development provides.”
