That is the view of Peter Charge, director of national accounts at edeus, who also warned brokers that the Financial Services Authority (FSA) could pull them up under Treating Customers Fairly (TCF) if they were sourcing the wrong product.
Speaking at the Mortgage Next Conference, Peter Charge, director of national accounts at edeus, said: “When the market is booming, fast-track is a great product. But in the flight to quality, fast-track must be watertight as you need to expect more lenders to come back for more information. But if you are not matching the right product, you are leaving a footprint on the client’s record and the regulator could pull you up on ‘Treating Customers Fairly’.”
Charge admitted that sourcing systems were a major factor behind the blurring of the boundaries between fast-track and self-cert but some mainstream lenders were also at fault for trying to operate in the specialist market under the guise of fast-track.
However, Charge believed that fast track was becoming redundant anyway as lenders’ systems improved in speed and efficiency.
Matt Grayson, PR manager at BM Solutions, said: “Brokers always have to make sure they have all the details possible and filled in the factfind correctly regardless of the market conditions. The majority of brokers are doing that already.”
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