Nationwide enhanced service for intermediaries in run-up to 'Mortgage Day '

The information will be communicated to intermediaries from 4 October in an information pack entitled ‘Tackling Regulation Together: The Nationwide Guide to M-Day’. From 31 October, Nationwide will offer the following:

- Key Facts Illustration (KFI) documents available directly from Nationwide’s website and from the Mortgage Trading Exchange (MTE). Nationwide will also support other sourcing systems so that they can provide their own KFIs.

- Single password access to the Nationwide website, UCB Home Loans website and MTE offering a simple and secure way to obtain ‘penny perfect’ KFIs

- Online product reservation and valuation instruction through MTE, providing the ability for brokers to instantly reserve a mortgage for their clients and commence an application from their office. Reservation and valuation fees can be paid online with a debit or credit card

- Simplified communication of product information and updates by email and fax to ensure that brokers are up-to-date with new rates

- Updated Takeaway Remortgage service, making it easy for intermediaries to move their clients to Nationwide

As well as updating intermediaries on the new services offered by Nationwide, the intermediary pack also explains what steps brokers need to take in order to continue doing business with the Society under the new regulations. Nationwide is urging all intermediaries to ensure that their registration details are up to date and that they have submitted their company FSA number and authorisation level.

Nationwide divisional director, John Sutherland says, “We have invested a significant amount of time and resources in preparing for the new regulations. For everyone involved in the industry, especially intermediaries, this is a time of great change, and we have carefully considered what we can do to make brokers’ lives easier. Compliance is now the number one priority, which is why we are offering brokers the ability to source a ‘penny perfect’ KFI either directly from our website or from the Mortgage Trading Exchange. The new KFI documents aim to make it easier for consumers to compare mortgages from different lenders and decide which mortgage is best for them.

“We are confident that we will be able to offer the highest levels of service come October 31st. Our approach will be to continue to have a fair and transparent approach to mortgage lending, with no hidden fees or charges.”

Nationwide will offer brokers unique login access to open three doors with one key – Nationwide’s intermediary KFI service, UCB’s intermediary KFI service and MTE. John Sutherland says, “The Mortgage Trading Exchange is designed to make life easier for the intermediary as different lenders can be accessed with a single account sign-on without the need to load lots of software.” MTE is Nationwide’s strategic partner for online mortgage trading, giving intermediaries access to multiple lenders from just one place. MTE also provides a fast and secure way of submitting applications and obtaining penny perfect KFIs from Nationwide. Intermediaries can complete an application offline and do not need to go online until it is ready for submission. MTE can return a ‘Decision in Principle’ or a KFI in seconds, saving valuable time.