Omnii Solutions has launched a software programme to help brokers verify clients’ credit records.
Called Checkit, the software provides credit risk assessments including money laundering checks as well as au-tomated property valuations.
An advanced programme called Checkit Plus helps brokers complete client due diligence exercises quickly while offering property reinstatement values that can be used to provide building insurance quotes.
The software can be integrated into brokers’ point-of-sale systems to help them identify potential credit issues prior to handling cases.
Checkit costs £9.12 for a single application and £14.03 for a joint case while Checkit Plus costs £14.03 and £18.95 respectively.
Nick Berry, managing director of Omnii, says: “Users can classify clients according to sourced data. For example, if they have two County Court judgements, a broker could classify them as sub-prime or near-prime and source products accordingly.”
Fahim Antoniades, director at Quantum Mortgage Brokers, says: “I don’t know of any lender that accepts third party automated valuation models at the moment and credit risk checks are lender-specific.
“It’s unlikely that brokers will want to take on extra costs for services that will be repeated by lenders.”
Meanwhile, online property search firm TM Group is launching an anti-money laundering service.
Called Client Validation Check, it allows users to check client identities on more than 20 independent systems.
Both firms’ services aim to boost compliance with legislation that orders firms to take a risk-based approach to verifying clients’ identities and supplement these checks with due diligence procedures.