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Mortgage Brain claims KFI system is a hit with industry

Mortgage Brain says its system for checking and demonstrating the accuracy of Key Facts Illustrations has been a hit with brokers, with 15,000 of these compliant documents being produced each day since October 31.

This high level usage comes despite brokers and lenders concern about the sourcing systems’ capability to produce accurate KFIs within Financial Services Authority tolerance levels.

Mortgage Brain’s compliance system means the accuracy of KFIs generated by it can be compared with those generated by lenders and proactively checked for discrepancies.

Following these checks, KFIs that fall within the 1%/1 tolerance level allowed by MCOB rules are indicated by a blue square on the sourcing system. If a KFI is found to potentially fall outside the tolerance level, after being compared with the lender’s KFI, it is investigated. If confirmed, introducers will be able to view the product as a ‘quick quote’ but will not be able to print a KFI.

Mortgage Brain chief executive Mark Lofthouse says: “Mortgage Brain continues to lead the way for product data and KFI accuracy. A blue square on the screen next to the mortgage product clearly indicates KFI verification has taken place.”

Joe Flynn, head of intermediary mortgages at Royal Bank of Scotland says: “It is essential brokers can access accurate data, regardless of whether this comes through us or a sourcing system. We’ve worked closely with Mortgage Brain to ensure it can generate accurate KFIs for RBS products.”


BMS calls for more buy-to-let investor choice

BM Solutions is calling for the buy-to-let market to offer better flexibility and choice for investors. The company says it believes that other lenders should follow suit to ensure that all investors have the opportunity to derive the same benefit from their buy-to-let portfolios.John Bianco, senior products manger at BM Solutions, says: “Buy-to-let borrowers are […]

SPML joins IFAP as sponsor

IFA Promotion has confirmed that Southern Pacific Mortgages as its latest sponsor, demonstrating continued support for the mortgage sector, post Mortgage Day.IFAP is now sponsored by 30 companies, with a growing number of mortgage sponsors being among the most recent to sign up.These include London Mortgage Company, Mortgage Express and GMAC Residential Funding, all highlighting […]

F&C waives initial ISA charge

F&C Asset Management plc is waiving the 50 + VAT initial charge on its Investment Trust ISA. The offer runs from January 1 until May 31 2005, which means that investors can invest up to 14,000, making the most of the current tax breaks available for this tax year and next.Georgette Harrison, director of marketing […]

On the beat

It might well look like something out of a horror film. Just as intermediaries were beginning to feel that memories were fading following the October 31 introduction of MCOB, a new horror dawns. Creeping and stalking, ready to pounce on unsuspecting prey in early 2005, is ICOB.

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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