You are here: Home - News -

IFonline targets sub-prime

by:
  • 01/01/2001
  • 0
Ifonline has announced that it is to launch the first mortgage sourcing system specifically designed...

Ifonline has announced that it is to launch the first mortgage sourcing system specifically designed for the sub-prime market.

The system will be launched to brokers in the week beginning 8 January 2001 and will be accessed in a similar way to the rest of the IFonline software.

Mike Douglas, head of sales and marketing at IFonline, said: “There is nothing like it in the marketplace at all. Yet you see statistics indicating that one in six people in some areas are being refused a standard mortgage, so the market is enormous.

“Furthermore, a lot of these people will need specialist advice from brokers.”

The new system will form part of the existing package. Once they are online, brokers will have a choice of four mortgage options: residential, flexible, non-conforming or buy-to-let.

The questions on the application screens have been deliberately designed to establish the information required by the sub-prime market.

All the suitable sub-prime mortgages are filtered out by finding out the credit history of the client, which includes any CCJs, mortgage or rent arrears, repossessions or bankruptcies.

The system pre-selects what is available and so brokers do not have to start from the beginning if the application is unsuccessful.

Richard Hurst, marketing manager at IFonline, said: “Because it is an intelligent questioning system, much of the administration legwork is being done for the broker, which gives them more time to spend with the client looking at other areas.

“Brokers add value when they are talking to clients not when they are searching through mortgages.”

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Mortgage Express to offer loans to borrowers in Northern Ireland

By Ben Marquand Mortgage Express, the specialist lending division of the Bradford & Bingley group, h...

Close