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SMS launches panel lender case checking service

by: Mortgage Solutions
  • 20/10/2010
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Solent Mortgage Services (SMS), the intermediary hub for mortgages, loans and general insurance, has launched a file checking service

The tool aims to help its panel lenders process the Mortgage Market Review’s proposed new rules on affordability and product development.

The tool, launched in association with Compliance Checking, allows SMS to compliance check every broker case for product suitability.

Lenders can remotely access the system to check individual cases and analyse data as part of the provider’s product performance and oversight arrangements.

Ian Balfour, CEO of SMS called the tool a “quantum leap in the evolution of intermediary lender hubs like SMS” and said the tool should give lenders the confidence to turn again to the intermediary market.

“[The tool] can guarantee receipt of independently audited cases, which have been validated for product suitability as well as affordability and fraud prevention. It provides a cost effective process through which lenders can accept intermediary business and demonstrate compliance to their new responsibilities under the MMR.

He added it will also help networks and firms looking for greater monitoring oversight of individual advisers.

“This is a significant step in the development of the ideal interface between lenders and the intermediary market,” he said.

Terry Young, managing director of Compliance Checking, said: “The file checking system we have developed is integrated into SMS’s online and office systems, so that intermediaries can have confidence that their cases will be approved faster and lenders have an innovative solution to help them comply with the proposed new rules.”

 

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