Precise Mortgages launches MCD-compliant system
Precise Mortgages, the specialist lender, has released a Mortgage Credit Directive ready version of their online mortgage application system for first charge lending.
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During this transition, Precise Mortgages’ systems and processes will manage pipeline cases to ensure minimal impact, and from January 19th 2016 a KFI+ will be issued for all new residential and consumer buy-to-let applications that are submitted.
All residential and consumer buy-to-let applications made before 19th January 2016 – where the customer has received a KFI – will have until 18th March 2016 to accept an offer. After this date, the application will need to be re-submitted to ensure the MCD rules are met. The system will then produce a KFI+, and the application will be re-underwritten by the system.
Alan Cleary, Managing Director of Precise Mortgages, commented:
“Brokers will see minimal operational change from the introduction of the new MCD-compliant system on first charge lending, so we expect it will be business as usual.”
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