Santander for Intermediaries (SFI) has refreshed its Introducer Internet mortgage platform which will be live from early April 2014, ahead of the implementation of the Mortgage Market Review (MMR).
SFI’s Agreement In Principle (AIP) decisions and credit searches are currently valid for 60 days. In anticipation of the refresh, SFI is advising intermediaries that any cases which have not been submitted as a Full Mortgage Application (FMA) by the beginning of April 2014 will require a new Agreement in Principle (AIP) or FMA to be created and decisioned.
All FMA cases already submitted by early April 2014 will not be affected and will continue to be processed in the usual manner.
SFI says it will “continue to work closely with its intermediary partners” to provide further updates over coming weeks.
Brad Fordham, managing director of SFI, said: “The MMR is set to be the biggest regulatory change in 10 years and we are focused on making the transition as seamless as possible for intermediaries and their clients. At SFI we have been working towards delivering some great new system and process improvements ahead of the actual MMR implementation on 26 April to ensure intermediaries get the best experience and the right outcome for their clients every time.
“As part of this our Introducer Internet platform will be updated ahead of MMR implementation. To ensure intermediaries and their clients avoid unnecessary activity and duplication, we’re advising all brokers to submit their client’s Full Mortgage Application (FMA) by early April 2014 so they can be processed in the usual manner. All cases that have not been submitted as an FMA by early April will require a new AIP or FMA to be created and decisioned.
“SFI has always taken a responsible approach to lending and these changes support our ongoing focus on business quality. In the run up to MMR we will be working closely with intermediaries to ensure they have the information and support they need for a smooth transition in to the new MMR world.”
