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Opening doors to online loans

Open Door Finance has started an online mortgage sourcing and application system this week to help IFAs speed up the mortgage and conveyancing process.

The site at www.opendoorsystems.com allows IFAs to source mortgages, get a quotation and process and track applications from a panel of lenders, including Bristol & West and Market Harborough Building Society.

As well as featuring loans on ODF&#39s panel, the system enables independent advisers to access products from alternative mortgage sourcing systems. ODF has a panel of solicitors and valuers with UK-wide coverage who can be instructed online.

There is also a retry facility for rejected applications which allows IFAs to submit new applications to other lenders without having to re-enter the details.

ODF says the system will help IFAs comply with existing and future regulation and will provide an audit trail for compliance documentation.

It costs a one-off payment of £250, which includes installation by a software adviser who will teach IFAs how to use the facilities.

Chairman Mark Boleat says: “ODF is a niche service aimed specifically at helping IFAs compete more effectively in today&#39s challenging environment. It reduces the hassle of the mortgage process, saving hard-pressed IFAs both time and trouble.”

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