The system can produce sourcing comparison reports and European Standardised Information Sheet (ESIS).
It can also provide a suitability letter for a second charge product if recommended and has the option of supporting panels of second charge lenders, especially where some networks will only wish to see certain lenders or master brokers’ products.
Fees will be displayed upfront to give brokers an informed choice when it comes to assessing the cost of a loan for their clients.
Iress executive general manager (commercial) Dave Miller said: “Iress is a big supporter of innovation in the market and welcomes any initiative designed to make the process easier and more transparent for consumers.
“We’re delighted to welcome Clever Lending to Xplan Mortgage and look forward to working with them as we continue to offer more customer choice and flexibility in this vibrant sector.”
Clever Lending managing director Sam Kirtikar added that joining the system “allows our new fee model to be made more widely available and ultimately helps everyone in the lending process and continues to promote the benefits of seconds.”