New sourcing system MortgageClearingOnline.co.uk has launched to the industry.
It has been developed by broker SmartMove, and it sources the deal, underwrites the application and produces a KFI along with compliance research.
It provides intermediaries with details of specific lenders and specific mortgage deals available to their clients along with reasons for the product choice for both clients and regulators.
Validating against panels of lenders, MortgageClearingOnline.co.uk produces a full audit trail with pass and fail reports, enabling intermediaries to comprehensively explain their choice of product to their client.
With industry standard procuration fees and a first class underwriting team, MortgageClearingOnline.co.uk provides the complete adverse solution.
Paul Griffin, managing director of SmartMove, says: “While sourcing tools do exist, none are capable of underwriting a case. Most sourcing systems give a general idea of schemes a client may fit. I asked myself, why can’t we create a system that sources specific deals along with the rational for those selections, underwrites the application and produces a KFI and compliance research and that’s exactly what we have done.
“It’s a one-stop shop solution for mortgage intermediaries. It will speed up the mortgage application process for consumers and in turn save intermediaries time and therefore money while enhancing their service.”
Simon Biddle, head of marketing and communications at specialist sub-prime lender Infinity Mortgages, says: “MortgageClearingOnline.co.uk should prove very popular with intermediaries because it improves the service they can provide to their clients.
“It’s a system for mortgage intermediaries developed by mortgage intermediaries so it works well.
“It’s about time someone came up with a solution like this and I expect it to be widely used. It’s quick, slick, accurate and provides all the necessary information.”