Moneyfacts says its reputation for the accuracy of its data is already recognised throughout the industry. Every leading bank, building society and mortgage lender as well as most of the national press and tens of thousands of financial advisers rely on Moneyfacts data every day. As well as its own websites, online systems and publications, Moneyfacts mortgage data also powers systems used by Which?, HSBC, Alliance & Leicester, Abbey and Royal Bank of Scotland.
Moneyfacts has two mortgage sourcing systems for brokers: Mortgage SearchScreen and eMoneyfacts (www.emoneyfacts.co.uk). Moneyfacts is currently undertaking additional research and development work to produce compliant KFIs for all 108 lenders that feature on these systems ready for regulation day. Moneyfacts has already achieved penny accuracy with several of the largest lenders.
To ensure that brokers can also get compliant KFIs direct from the lender, Moneyfacts will also be incorporating Moneyfacts Mortgage Hub into all of its systems. Moneyfacts mortgage hub enables the broker instantly to access the intermediary services provided by each lender whether it be online KFIs, approvals in principle, online applications or case tracking. Moneyfacts mortgage hub lets the intermediary see immediately what services each lender offers.
For smaller lenders who want to be able to produce their own KFIs for brokers but do not have an online facility, Moneyfacts Mortgage Hub will provide an automated email request system. Once the intermediary has selected the product and inputted the required client data, this is automatically emailed to the provider who can then produce the KFI and email or fax it back to the intermediary.
Alan Hough, Moneyfacts IT Director, says; “There is bound to be increasing nervousness in the industry as we are approaching mortgage regulation day. With the Moneyfacts mortgage hub we are ensuring that brokers always have a choice.”