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Charcol still rejecting mortgage brain kfis

Charcol is refusing to use key fact illustrations from Mortgage Brain over concerns that it is still unable to produce accurate documents.

Senior technical manager Ray Boulger says the independent mortgage broker looked again at Mortgage Brain after initially going direct to lenders for their KFIs. But he says Mortgage Brain is still having problems producing accurate KFIs three months after the mortgage industry was regulated.

Boulger says the legal res-ponsibility that an adviser takes on when he uses a third-party sourcer means it is imperative that they carry correct information. Because of his concerns, Charcol will continue to use KFIs produced by lenders.

Accord Mortgages managing director Linda Will has also had problems with Mortgage Brain. She says products have been set up incorrectly on the system and sourcing parameters were inaccurate so that many Accord products were being “deselected”.

Both Mortgage Brain and Trigold say significant imp-rovements have been made since M-Day, especially as more lenders have become willing to impart information and KFIs to them.

Sourcing operation Money-facts has taken the route of not sourcing KFIs and instead provides links to lenders’ websites. Sales and IT director Alan Hough says: “There was a risk of misleading the broker.”

Boulger says: “I do not think anybody has got this right. The complexities of products and KFIs are daunting.”

Mortgage Brain chief executive Mark Lofthouse says: “It is a combined effort of lending, sourcing and introducing. If we on the slim-chance produce an inaccurate KFI, a broker’s compliance process should pick this up.”


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