Brokers say DB puts them at risk

Introducers have slammed DB Mortgages for not providing Key Facts Illustrations on its system and leaving them at risk of regulatory action.

When a broker sources a KFI from a lender the responsibility for the accuracy of the information falls squarely on the shoulders of the lender.

But when a broker can only source a KFI from a sourcing system, if there’s a mistake and the customer complains the broker is held responsible for the information in the KFI.

One source says the inability to source KFIs direct from DB is putting brokers and packagers off doing business with it as they are worried about damage to their reputations if information turns out to be incorrect.

One packager, who asked to remain nameless, says: “You can’t do a KFI on DB’s system – you have to do one via Trigold or Mortgage Brain.”

Bill Dudgeon, managing director of DB, says: “The situation is not ideal but it is temporary. We are rolling out our technology bit by bit and will have online KFIs at some point so for now brokers and packagers have to use one of the three sourcing systems.”

He adds: “Most brokers prefer to use lender KFIs but I am not aware of this being a major issue.”