SMS seeks clarification on KFI production

Kelvin Cooper, SMS Managing Director said ‘ We have identified the 4 main ways in which brokers could access KFIs on SMS products. These are sourcing systems, lenders’ own websites, SMS’s own white label website or through the MAPS system used by SMS to process its mortgage business. From the advice we have taken, the preferred route would be for brokers to access our MAPS system to produce their KFIs. The responses I have had so far from lenders suggest that streaming the information required for KFI production to our system would be no more difficult for them than producing KFIs on their own websites, provided a suitable conduit is available to link with our system.’

He added ‘ Our network partners and their appointed representatives, as well as directly authorised brokers, would benefit because by accessing our system directly, intermediaries will produce a real time electronic record of their activities from AIPs, quotes and most importantly KFIs. All of these activities will be able to be tracked remotely by compliance departments.’