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Infinity to launch compliant KFI this week

From September 30 the KFI facility will be available on Infinet, the firm&#39s new online application system, although it will not be allowed to use the KFI and Financial Services Authority branding until M-Day, October 31.

Infinity, a sub-prime lender launched only nine months ago, has been testing the KFIs, developed with technology support from Newbury-based IPK, internally and says the early launch to intermediaries gives it another five weeks to make tweaks.

Intermediaries can complete the application process online using a system that will pre-populate information, or do it manually and leave Infinity to key in the data. Brokers choosing to go online will receive a discount of £50 off the mortgage arrangement fee which starts at £99.

Decisions are not offered online as the lender relies on underwriters rather than using credit scoring.

Infinity says as a pure sub-prime lender it has a less extensive product range than others in the market, meaning its KFIs can be kept down to four pages but that some lenders may have to slim down their product ranges to avoid overcomplicating KFIs.

Matt Gilmour, Infinity chief executive, says: “Our advice to intermediaries is to get the KFI direct from our site, not from sourcing systems.”

After the launch of the KFI the next stage will be to interest network principals in a white label option.

Infinity says it does not yet have its minded to approve letter but this is not a concern as it can be regulated under a shareholder, Mortgages PLC.

But by the first quarter of next year Gilmour says he expects Infinity to &#39break free from these shackles&#39 and be a lender in its own right, meaning it will have to be directly regulated.

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