Lendersonline, the first multi-lender cascade system to intergrate Equifax credit search, has been released by the Loan and Mortgage Processing Centre.
The system is being launched with a panel of 14 lenders. Of this, half are able to accept direct business by allowing Lendersonline to submit cases direct to the lender.
The system is web-based and requires brokers to register online, and allows the broker to filter various criteria before carrying out a credit check. The underwriting criteria of each of the lenders is embedded in the system.
Searches made by Lendersonline are soft, meaning clients are free to shop about without the fear of leaving credit footprints. Lists of declined products are also documented as proof of compliance.
The system has been launched for residential products, with buy-to-let and secured loan modules being released later in 2007.
Aside from the registration fee, the system will be free to brokers on the basis that any cases sourced through Lendersonline will be submitted for packaging by Lendersonline or direct to lender through the system.
Bill Thomson, managing director of Lendersonline, says: There are some very impressive lender systems out there but a broker cannot escape the fact that these systems only provide cascading for one lenders products.
“From a compliance point of view, that is not tenable unless the broker visits multiple lenders sites for an agreement in principle.
We know we are providing something the market desperately needs, multi lender cascading, intergrated credit search and the ability for the broker to control where business is placed.