Sesame is the first network to take responsibility for ensuring that Key Facts Illustrations brokers obtain from its customised versions of Mortgage Brain and Trigold are accurate and comply with FSA rules.
Although Network Data provides a guarantee that information from its own sourcing system, MortgageLink Enterprise Edition is correct, Sesame says it is the first to commit to giving such a reassurance on data from third party systems.
Sesame says the move will save advisers time and money as they will not have to go direct to lenders to obtain separate KFIs to confirm their accuracy.
Its members can choose between Trigold and Mortgage Brain which are being provided free of charge by Sesame until October 31 2005.
Sesame product manager Andy Young says: “Our strategy is built around choice and flexibility and we believe our approach to mortgage sourcing will enable advisers to tailor the service to their requirements.”
Mortgage Brain chief executive Mark Lofthouse says: “Mortgage Brain is absolutely committed to providing KFIs within the stated 1% tolerance level, to Sesame members and our 20,000 customers.”
Trigold joint managing director Bill Safran says: “As part of our new FSA compliant Prospector AAA software we are introducing a series of processes and procedures for lender verification of product data.”
Phil Ambler, broker at Chesterfield-based Goodmortgages, says: “The question is how inaccurate are KFIs at the moment? Trigold and Mortgage Brain have already stated they will provide FSA-compliant KFI systems so Sesame is just pre-empting what these sourcing systems have promised. The other networks will soon be guaranteeing the same thing.”
Matt Grayson, spokesman for BM Solutions, says: “We welcome Sesame's announcement that it is to support brokers in this way. But we are puzzled why we haven't been approached by any offline system providers in terms of validating the KFIs coming through our website.”