Precise Mortgages has released a Mortgage Credit Directive (MCD) ready version of its online mortgage application system for first charge lending.
During this transition, the lender’s systems and processes will manage pipeline cases to minis impact, and from 19 January 2016 KFI+ are being issued for all new residential and consumer buy-to-let applications that are submitted.
All residential and consumer buy-to-let applications made before 19 January 2016 – where the customer has received a KFI – will have until 18 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, said: “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.”