Managing director of Connect Liz Syms said Twenty7Tec was the only firm which offered a multi-loan platform which she said was essential for specialist loan option sourcing.
Syms said that by having the system it would help it to attract new members looking for a specialist distributor which could support them in the commercial and buy-to-let sector.
Twenty7Tec is the first of the sourcing tool providers to develop a system which complies with the MCD rules which dictate that advisers must consider all loan options when assessing a borrower’s mortgage application. Lenders and brokers must be ready to comply with the new rules, which are intended to ensure mortgage lending across Europe meets the same standards, by 21 March 2016. The MCD does not distinguish between first and second charge loans and will bring the second charge sale and process of application in line with mainstream residential mortgages.
Managing director of Twenty7Tec James Tucker launched Loan Source in June. The software will allow brokers to compare the benefits of keeping a mortgage in place and taking out a second charge against the cost of remortgaging.
Brokers will be able to download the European Standardised Information Sheet (ESIS) which will replace the Key Facts Illustration (KFI) under the new regime.
Tucker’s launch was swiftly followed by the announcement by Mark Lofthouse, CEO of Mortgage Brain, that his firm would be launching its second charge sourcing system in the second half of the year.
Loan Source is now used by Mortgage Advice Bureau, Personal Touch Financial Services, Homeloan Partnership and Brightstar.