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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.”

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