Origo, the standards organisation, says it will aim for ratification of XML standards for pre-offer Key Facts Ilustrations (KFIs) by March next year.
Paul Pettitt, managing director of Origo says the KFI ratification is just a “starting point” towards encouraging better links between systems to improve ecommerce.
The proposed KFI standards, released this month, are part of Origo’s moves to take its standards model initially developed for the life industry into the mortgages sector.
Overseeing sign-off on the standards is the eMortgage Forum of intermediaries and lenders.
Among the standards documentation being considered by the Forum includes that for business requirements, service design, and implementation (including XML schemas, business rules implementation and sample XML). Process models will also be looked over.
The Forum has already decided the standards must be made more available to any lender, intermediary firm, packager or technology supplier to the sector. Those lenders already involved will continue to fund Origo’s work in the mortgages standards area, with a view to allowing additional lenders to take part.
Origo says work on application-in-principle standards will be completed after the March deadline for KFIs.
Benefits seen include a reduction in re-keying, the ability for intermediaries to meet compliance demands through lender-sourced KFIs, and reduced overall administration costs.
The standards should also enable real-time provision of KFIs, leading to faster application turnaround times and faster completion.
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 Jonathan Boyd on 020 7484 9769 or email [email protected].IFAonline
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