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Mortgage Source unveils MCD changes

by: Mortgage Solutions
  • 11/02/2016
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Mortgage Source unveils MCD changes
Sourcing system Twenty7Tec has completed its Mortgage Credit Directive (MCD) amendments to Mortgage Source to allow brokers to access lenders' Europe-compliant disclosure documents.

European Standardised Information Sheet (ESIS) and Key Facts Illustration + (KFI)  documents are now in place depending on the lender’s chosen format. An additional filter has been added to indicate whether the intermediary is sourcing for a consumer buy-to-let product.

Mortgage Source provides sourcing from one platform for mortgages, secured loans and bridging products which allows brokers to compare remortgages against second charge lending options.

The directive dictates that a borrower must be made aware that a second charge and a further advance are alternative options to a remortgage.

This function will assist intermediaries wishing to retain the title of ‘independent’ after the MCD 21 March deadline.

Jorge Monte, product director for Mortgage Source, said: “We have been working tirelessly for the past 12 months to deliver the most comprehensive solution available to intermediaries operating in the post-MCD world and we are delighted to have completed this project.”

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