Mortgages  

Santander ditches fast track and shakes up IT ahead of MMR

Santander for Intermediaries has warned advisers must ensure outstanding cases are submitted as a full mortgage application by close of business on 4 April, ahead of a shake-up of its introducer system.

SFI’s new introducer internet platform will launch on 7 April, three weeks ahead of the implementation of the Mortgage Market Review.

The free online mortgage platform for submitting client applications, will include a new automated income verification (AIV) service to compare a client’s current account turnover through a Credit Reference Agency against their stated income.

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As a result, Santander stated, in some cases brokers, using the system will not need to provide further income evidence.

In line with MMR requirements, Santander also confirmed it’s fast track service will be removed.

To enable the changes, SFI’s introducer internet will be unavailable from close of business on 4 April until 7am on 7 April while the system is refreshed.

During this time intermediaries will be unable to submit any cases.

SFI’s agreement in principle decisions and credit searches are currently valid for 60 days.

All full mortgage application cases already submitted by close of business on 4 April will not be affected and will continue to be processed in the usual manner, Santander said.

SFI’s dedicated sales contacts will be providing more information and demonstrations to their intermediaries over the coming weeks. In addition, intermediaries will be able to access the introducer internet training material on SFI’s website from Monday (24 March).

Brad Fordham, managing director of Santander for Intermediaries, said: “Ensuring intermediaries get the best experience and the right outcome for their clients every time, has been a key focus for SFI as we prepare for MMR.

“Writing quality business is at the heart of what we do and we will continue to assess affordability in the same way, working closely with our intermediary partners to ensure borrowers are offered the right mortgage for their needs.

“MMR has presented an excellent opportunity for us to refresh our systems and processes to ensure we can continue to support the intermediary market.”