Electronic client identity verification allows IFAs and mortgage intermediaries to avoid the ‘paper-chase’ when establishing a client’s identity, which currently involves obtaining original passports, driving licenses and other supporting documentation. When asked if an electronic alternative would help their business, 68% confirmed it would significantly help with a further 28% stating it would be welcome. Only 4% believed it would have no effect at all.

Nick Berry, mortgage partnership manager at 1st Software, comments:

“There is an obvious desire within the intermediary market for electronic identity verification to confirm the identity of clients. The time and cost involved in the traditional use of manual methods of verification and the over-reliance on paper-based proofs of identity are unacceptable when such straightforward options exist. However, as with any new and innovative approach, acceptance must be obtained by all parties most particularly by the mortgage lending community where there is still uncertainty about money laundering requirements.”

Following the results of this research, 1st Software, supported by leading mortgage broker, Charcol and Experian®, the global business solutions company, will be undertaking field trials to assess the effectiveness and product provider acceptance of electronic client verification in the IFA and mortgage lending environments.

Ray Boulger, senior technical manager for Charcol, comments:

The number of applications from intermediaries made online for both mortgages and other products, such as life insurance, is increasing rapidly. Any online process that almost instantaneously satisfies the anti-money laundering requirements in a substantial majority of cases will be a boon to both intermediaries and their clients. A system such as this offers a significant cost saving and efficiency benefit to the intermediary. There is also a very real benefit to clients, who understandably hate having to trust important documents to the post, especially when there is always a possibility they might need them at short notice.

Jim Lound, product director for Experian’s Trust Services unit, said:

“As the UK’s leader of fraud prevention and anti-money laundering solutions, our electronic verification systems are used throughout the financial services industry, to authenticate the identity of customers and are already accepted as an established alternative to paper-based proofs as part of the money laundering guidance notes. We welcome moves throughout the industry to encourage the evaluation of the need for electronic verification to enable IFAs to see for themselves the benefits of automation to meet their compliance obligations in an efficient, cost effective and less intrusive manner.”

1st Impressions was launched via 1st Software’s website www.1stsoftware.co.uk and client extranet, giving its 10,000 financial adviser users and website visitors, the opportunity to vote. Every few weeks, a new poll question is displayed on the websites, with data being captured and analysed electronically and independently. http://www.1stsoftware.co.uk/

Mortgage Brain have proved once again that they are well and truly on top of the league when it comes to mortgage sourcing, compliance and electronic trading solutions, as over 40% of the intermediary mortgage market choose our software.

Winning solutions!

Mortgage Trading Exchange, the premier electronic trading platform in the UK is shaking up the way mortgages are submitted and transacted, as intermediaries can source a mortgage, complete the application, submit direct to a lenders’ back office and track it’s progress – speed and delivery.

The ability to send applications electronically, direct to lenders and receive a response, be it acceptance, referral or whatever, in minutes – yes minutes – will only enhance the service you can provide to your clients. Couple this with the fact that you can pre-populate lender application forms with information already captured when sourcing a mortgage and you will be saving valuable time.

Team effort!

With regulation creeping up slowly, Mortgage Brain has been working closely with the FSA to ensure that any compliance solutions are the right ones. Via the Mortgage Trading Exchange you will be able to obtain a lender produced Key Facts Illustrations (KFIs), ensuring confidence and security in the information you are providing your clients.

A league of its own!

Mortgage Brain already provides a level of confidence and reassurance superior to any other mortgage sourcing system – it is the only one that shows products where key details have been verified by the lenders.

Fans favourite!

Over 18,000 intermediaries subscribe to Mortgage Brain, sourcing in excess of 500,000 mortgages each year from over 7,500 products - and these numbers are growing all of the time.

So, it’s not hard to see just why Mortgage Brain is the UK’s most used and preferred mortgage sourcing, electronic trading and compliance solution in the UK!

Live and exclusive!

Come along to one of our free premier events taking place in January and February next year in some of the UK’s most prestigious sporting venues. See the Mortgage Trading Exchange in action; hear what industry experts have to say and get a tour of the stadium – what more could you ask for? The website for the events is launched on Thursday 6th November – logon to http://www.mbpremierevents.co.uk/ then for more information and to reserve your place!  For more information logon toe http://www.mbl.co.uk/.

Mortgage 2000 is to launch an independent mortgage network, to be called m2i, in anticipation of forthcoming mortgage regulation.

As a key distributor within the marketplace, with over 7,500 subscribers, Mortgage 2000 has a solid foundation to create a successful independent mortgage and general insurance network that will allow intermediaries to continue to run their businesses independently, whilst obtaining the much needed compliance support and infrastructure once "Mortgage Day" strikes on 31 October 2004. The compliance element of m2i will be headed up by David Payne, former operations director of the Mortgage Code Compliance Board (MCCB).

Sean Hornsby, Sales and Marketing Director, Mortgage 2000 said: "With over 60% of our current membership running independent businesses, we are seeing a huge demand from them, and the marketplace as a whole, for an independent mortgage network. As a result, through the infrastructure that the Mortgage 2000 Group has in place, we will launch m2i as a truly comprehensive, independent network at a highly competitive price."

In addition, m2i will offer authorisation, compliance support and professional guidance through a strong brand identity that will give access to all of Mortgage 2000's services - including m2-mortgage club, m2-d&p, Encore and the Professional Advisor Alliance. More details on the key features and membership cost for intermediaries will be announced from 10 November when the first of six events across major UK cities are planned.

The launch of m2i is in association with BM Solutions. The six events will not only outline m2i's full operation, but will also play host to 20 exhibitors including lenders; general insurance providers and other business partners. Guest speakers will also present on issues including compliance, the impact of regulation, e-trading and lead generation.

Dates for the events are as follows:

 10th November - London
 14th November - Birmingham
 25th November - Bristol
 27th November - Manchester
  1st December - Glasgow

  4th December - Newcastle

To book their place at one of the above events, intermediary’s should contact Mandy Manning as soon as possible on telephone number: 01244 665 700 or by email at: mandy.manning@mortgage2000.co.uk or alternatively go to: http://www.mortgage2000.co.uk/