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Mortgage Brain claims to be first to guarantee data

Sourcing system Mortgage Brain is to verify that the product data it supplies to brokers is correct.

It says the move will make it the most accurate supplier of information on the market. By comparison, the FSA&#39s mortgage tables offer no guarantee that the data is correct.

Mortgage Brain says it is the first in the market to give brokers this reassurance. It adds that it will extend the verification to provide a firm guarantee of accuracy, with lenders taking full responsibility next year, as exclusively revealed in Money Marketing in September.

Chief executive Mark Lofthouse says although he welcomes the FSA&#39s new comparative mortgage tables, as they give extra information to consumers, he is proud that Mortgage Brain will be taking the lead by providing a guarantee.

But the FSA says it warns visitors to its website that it cannot guarantee data is 100 per cent accurate although it does have safeguards, with data supplier The Research Department checking details daily.

Thirteen lenders covering 60 per cent of the market, including HBOS group, have signed up to MB&#39s initiative, which will use a green traffic light system to identify which products have been verified.

It says a recent survey of 250 introducers revealed that 94 per cent believe accuracy is the single most important factor.

Lofthouse says: “This initiative gives the introducer the certainty and confidence they have requested.”

FSA spokeswoman Kate Bristowe says: “Information is updated daily but, at the end of the day, responsibility for accuracy rests with the providers.”

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