Precise Mortgages launches MCD-compliant system

Precise Mortgages, the specialist lender, has released a Mortgage Credit Directive ready version of their online mortgage application system for first charge lending.

Related topics:  Specialist Lending
Rozi Jones
22nd January 2016
Alan Cleary Precise

During this transition, Precise Mortgages’ systems and processes will manage pipeline cases to ensure minimal impact, and from January 19th 2016 a KFI+ will be issued for all new residential and consumer buy-to-let applications that are submitted.

All residential and consumer buy-to-let applications made before 19th January 2016 – where the customer has received a KFI – will have until 18th March 2016 to accept an offer. After this date, the application will need to be re-submitted to ensure the MCD rules are met. The system will then produce a KFI+, and the application will be re-underwritten by the system.

Alan Cleary, Managing Director of Precise Mortgages, commented:  

“Brokers will see minimal operational change from the introduction of the new MCD-compliant system on first charge lending, so we expect it will be business as usual.”

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