1) Helping intermediaries with fact finding.
2) Acts as a compliance support, providing intermediaries with standard templates for documents such as KFIs.
2) A sourcing tool is a very good source of information on current rates in the market.
Brad Fordham, head of sales at Abbey for Intermediaries, said sourcing tools have a valuable role to play in the mortgage process and in supporting intermediaries.
But Stephen Smith, director of housing at Legal & General, said advisers should bear in mind that not all products source well - especially with lenders becoming more innovative.
Mr Smith said sourcing systems should be used alongside a broker’s own market knowledge.
