View more on these topics

Mortgages Direct says it will not be bullied into using KFIs

Mortgages Direct director Peter Gladdy says the finan-cial services arms of estate agent Spicerhaart will not be “bullied” into using mortgage lenders’ KFIs.

Speaking at Mortgage Expo last week, Gladdy said some lenders are refusing to verify data on sourcing systems as a tactic to get intermediaries to use their systems but intermediaries used to accessing sourcing systems are unlikely to want to change. He said the main problem with lenders’ websites is the amount of rekeying that intermediaries have to do to get information.

Mortgages Direct will source its KFIs from Trigold wherever possible. It will go directly to the lender if a product is being moved across from one property to another.

AMI director Chris Cummings says association has taken up the issue of KFIs with the CML and the FSA.

Gladdy says: “Intermediaries rely upon illustrations from sourcing systems and equally rely on the information coming directly from lenders. The problem is lenders are trying to bully people into using their websites.”

Recommended

MassMutual to buy BAM

US firm Massachusetts Mutual Life Insurance Company (MassMutual) is set to acquire Baring Asset Management from ING for £260m.

ScotFriendly joins CTF band

Scottish Friendly joins a handful of other firms which have opted to offer the Government’s child trust funds.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com