Mortgage brokers have called for lenders and sourcing systems to be solely responsible for the accuracy of key fact illustrations (KFI) in the latest Association of Mortgage Intermediaries survey.
The latest figures from Ami’s Mortgage Intermediary Census shows 57% of respondents believe sourcing systems should be responsible for the information provided in KFI documents. A further 39% say lenders should be responsible for KFIs generated from sourcing systems, with just 4% saying intermediaries should hold responsibility.
While sourcing systems do not carry responsibility for the information they display, the majority of respondents still favour sourcing systems when generating KFIs. At least 52% of those questioned identify sourcing systems as their preferred method of obtaining KFIs, with 35% preferring lender websites, and 12% preferring to produce the documents internally.
Ami says there has been a major growth in online mortgage applications submissions as 62% of brokers now process more than half of their business online while 2% say they submit all their business online and 34% say they process less than half online.
Ben Stafford, policy officer at Ami, says: "Any process which speeds up and improves the application process for brokers and their clients will be welcomed. The increase in online trading is proof of this.
"The findings also illustrate some areas where catch-up would be welcome, in particular greater cooperation between lenders and sourcing systems. Guaranteed product accuracy and improved options for submission are clearly the next priorities for the industry to work towards."
Further evidence from the survey suggests a large majority of intermediaries are united in their view of lender credit checks on clients, with 71% saying lenders are not doing enough to move from 'hard' to 'soft' footprints. 'Hard' credit checks can still have an impact on clients' credit scores, and only 7% believe lenders are doing enough to resolve the issue.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IIFAonline
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