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.”