These often come in from lenders on a 'tranche' basis and the new online system makes it very simple for mortgage intermediaries to take advantage of these products with this easy to use system.
Intermediaries can access the new system via the Legal & General's Mortgage Club website using their login ID and password. This ensures that any information input is in a 'safe and secure' environment. When funds are available a reference number will be provided.
Following a successful pilot, The Cambridge Building Society has been one of the first lenders to use the new system to help them manage their core range of products and the system will be rolled out to include other products over the next few months.
Simon Maskell, Technology Director, Legal & General Housing, said:
"The introduction of our Online Tranche Management system is a major enhancement to our Mortgage Club proposition. We know that it can be frustrating when booking funds with popular exclusive products and this system provides the simplest and fairest way to secure funds.
"It's also the safest way to store client information due to the security enhancements built into it. I am confident this system will prove very popular with all of our intermediaries."
