Moneyfacts has announced details of its preparations for mortgage regulation.
Moneyfacts says the scale of the new data that will be required to produce accurate and comprehensive KFIs has led it to completely rebuild its mortgage databases over the last 12 months. It says this extensive work has been guided by the results of research conducted with all lenders in the UK, starting last October.
This research has focused on the additional information required to produce fully compliant KFIs and has addressed specific areas such as key dates for calculations, overpayments, portability, insurances and special mortgage products. Moneyfacts says the approach taken has ensured that results can be acted upon while research continues. More than 100 lenders have so far provided input, with 17 yet to respond.
Alan Hough, Moneyfacts IT director, says: “Adding a few extra fields was never going to be enough to store all this new data. The research and development we are undertaking is proving vital to our preparations and our confidence that we will be ready in time.
“The increased obligations imposed by FSA regulation and KFIs makes it more important than ever for the industry to be sure the data it is using is 100% accurate. Accuracy is our fundamental priority.”