As a result of the work with Focus, intermediaries dealing with Mortgages plc will be provided with the facility to complete an online Decision in Principle (DIP), Key Facts Illustration (KFI) and Mortgage Application. Case and Commission tracking will be added as part of an ongoing programme. Another key development will allow Mortgages plc’s branded lending partners to white-label key functionality such as DIP and KFI production. All of these services are being built using Focus’ XML toolkit, called ‘goal:technology’, which is already being used for electronic trading by other lenders, and many of the large mortgage networks and mortgage clubs.
Focus’ work with Mortgages plc will involve integration with the lender’s recently enhanced mortgage processing system, which is fully FSA compliant and can produce penny-perfect KFIs. The new online system will launch to the market in advance of the FSA mortgage regulation coming into force on 31st October 2004.
Peter Beaumont, Sales & Marketing Director for Mortgages plc comments;
“Our objective is to deliver a first class online proposition to the market. We selected Focus because they provide a flexible solution which supports both our current and future business requirements. They have a proven track record of rapidly bringing valued, cost effective solutions to market.”
John Streets, Chief Executive, Focus Solutions adds;
“The M-Day regulation has created a serious challenge for many lenders in the mortgage market, but a challenge that can only been seen as a positive catalyst towards creating an e-commerce community. We are delighted to have been selected by Mortgages plc for this opportunity and we look forward to growing our relationship and working with them on this new project.”