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Making KFIs difficult

In April, I needed to produce a BM Solutions’ KFI for a client. Being fairly IT-literate, I went on to the BM Solutions’ website looking for the Obtain a KFI button.

It soon became apparent that the only way to get a KFI was to complete a decision in principle. I did not want to apply for a mortgage or a DIP but simply to produce an accurate illustration which I can then discuss with my client before they apply. Isn’t that an MCOB requirement?

I typed in almost a full application. Then the final straw – this case has been referred. This process took about 15 minutes. So much for a one-minute mortgage.

I contacted BM Solutions and after a week received a response saying: “We believe this is a benefit as the customer only receives KFIs for products available to them based on their credit details.” What about what the broker wants?

I am all for using IT to speed things up but this does the opposite. BM Solutions’ light footprint is so light that it makes no difference to the decision to provide the KFI anyway so what is the point of it?

I replied to BM Solutions by email in May to question the need for this process and its requirements for a credit search so that a KFI can be produced. I am still waiting for a reply.

Come on BM Solutions. The online application system always seems to treat us well so why do you make it so difficult to get a simple mortgage illustration?

Sean HortonDirector, Enhanced Wealth, Kent


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