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Saints and sinners since Mortgage Day

Mortgage Intelligence has hit out at lenders for failed systems in the first days of regulation and has compiled a list of offenders.

Managing director Sally Laker says she felt compelled to compile the list after many of the network’s members reported problems with lenders’ systems, particularly key features illustrations.

She is concerned that many lenders’ cannot guarantee KFIs derived through sourcing systems. The differing registration procedures required by lenders has also caused confusion among brokers, says Laker, with delays experienced in dealing with Mortgage Business and Northern
Rock as both require individual registration of brokers as well as the network being registered. Many brokers were unaware they required a number or had no FSA number to input and face a backlog to get a registration number to access the sites for KFIs.

Laker says: “We all agree that ultimately it will be the consumer who pays for these problems. A huge amount of IT resources and work was needed to become compliant. The cost of compliance will at some point hit the consumer, perhaps it will be reflected in rates.”

TMB director of sales & marketing Mark Bergin says: “When you are dealing with five or 10 lenders, it is not unreasonable to expect some problems. We are installing system changes over the next few days to iron out problems.”

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