Mortgage Credit Directive is coming…but you are in safe hands!
We’ve all heard about the European Mortgage Credit Directive (MCD) – but how will the changes affect the way you use your Mortgage Brain technology?
In July we revealed that we would be making changes to our systems to accommodate the new requirements. The most important change being that ESIS/KFI+ will replace the KFI. The KFI+ will be compulsory from 21st March 2016, but the KFI will not be phased out completely until 2019 and then it will be replaced by ESIS.
Lenders are expected to be using either KFI+ or ESIS by March next year. The good news is that we will produce both an ESIS and a KFI+ to accommodate. We’ll start releasing the new features early 2016 to make sure all of our customers can stay compliant under the new legislation.
The other change is the launch of our whole-of-market secured loans sourcing website called LoansBrain. Developed in partnership with master brokers, it’ll be free to use and no registration will be required. You’ll be able to access it via a standalone website in the first instance and later on, it will launch it directly from MortgageBrain Classic, MortgageBrain Anywhere and the Key.
Our CEO Mark Lofthouse comments: “We continue to work hand-in-hand with brokers and lenders to provide market leading technology solutions that not only meet but far exceed the basic regulatory requirements.”
We’ll be announcing all the changes and additions in due course, so keep an eye on SimplyBiz news to stay up to date.
You can see more info on MCD on our website press release page.