IFonline, the independent mortgage-trading platform, will finally be ready for launch to its 3,000 pre-registered intermediaries in November, writes Ben Marquand.
The long-awaited debut will be accompanied by a series of 15 national roadshows designed to advise mortgage intermediaries about the system.
IFonline aims to provide registered intermediaries with the ability to search, sort and select a mortgage online and follow its progress electronically.
The site will contain calculators and ‘total cost of credit’ comparison tools. It will also allow online agreements in principle and real-time case tracking.
Mike Douglas, sales and marketing director at IFonline, said the long delay between conception and launch was due to the detailed preparation of the site.
“It was a huge project, but we have always been on target to launch in November,” he said.
At present IFonline has the backing of over 70 lenders. A number of these are now fully online and ready to accept electronic applications, and the rest are currently nearing completion.
Douglas said: “If you are going to send electronic applications you have got to get the security right. Securing the encryption codes for applications and protecting the registration of intermediaries and lenders is a massive task.”
Some of the major lenders, such as Abbey National and Halifax, have not yet signed up to platform, but Douglas said that he was not disturbed by this.
“Once mortgage intermediaries demonstrate that they want a national independent trading platform I think the other lenders will sign up.”