pancredit launches first fully compliant sourcing solution for master brokers

pancredit, the lending software specialist, has launched a new version of its MADE decision software which includes specific enhancements designed to meet the needs of secured loan brokers. MADE Broker is a subscription web service which performs highly sophisticated loan sourcing and helps brokers to achieve compliance in four key areas.

The FSA recently issued a Policy Statement in relation to the use of credit searches by loan brokers, with an emphasis on ensuring that the correct ‘footprints’ are left on the customer’s file so that their credit record is not adversely affected. At the same time, the Standing Committee on Reciprocity (SCOR), which polices the use of closed user group credit account data, has tightened its rules on the use of that data by brokers. MADE Broker is the first automated sourcing solution that is fully compliant with both of these requirements.

In addition, the service assists with Treating Customers Fairly by finding the best deal for the customer and retaining a full audit trail of why one particular product was offered and not another. Finally, highly sophisticated affordability checks ensure that the broker is encouraging responsible lending.

Other benefits of the service include improved take-up rates due to greatly reduced processing times; increased acceptance rates by the lender as a result of more accurate sourcing; and greater efficiency of sourcing, allowing the broker to process more business with the same number of staff. Taken together, these can have a significant positive impact on conversion rates and the bottom line.

The service currently supports 17 secured lenders and their products, with new lenders being added on a regular basis. Importantly, pancredit does not act as a broker and does not belong to any network, ensuring that users of the service are not compromised or constrained in any way.

MADE Broker is available as a plug-in web service to brokers’ own systems and is paid for on a monthly subscription basis with no up front costs.

pancredit’s full software suite comprises; Analytics, MADE, Application Processing, Loan Servicing, Collections and Dashboard.

For further information, or to book an appointment, please contact Faye Peacock, 0113 251 3455 or email faye.peacock@pancredit.com.

ENDS