Clive Kornitzer, chief operating officer of AfI, stresses that the plan is tentative but adds that it could be im- plemented as early as 2009.
The plan comes amid Abbey’s overhaul of its internal technology in line with the Parthenon system already used by its parent Banco Santander. The IT revamp is expected to complete later this year.
Thereafter, the lender hopes to be able to connect directly with brokers’ back office systems – something it has already achieved with Personal Touch Financial Services.
Kornitzer says: “None of this is a trivial process and we are in talks about plans for next year. But we are still lending and working with brokers to try to become the best lender and distributor of mortgages.”
Andrew Montlake, partner at Cobalt Capital, says: “A lot of the problems we’re seeing in the market are a result of lenders failing to price for risk so moving to this system is a good option.
“It is an interesting step for Abbey and I’ll be curious to see how it works in practice.”