TCF Judgement Day approaching

Case management provider MortgageStream has warned mortgage firms of devastating consequences for failure to implement TCF, as ‘judgement day’ is just 10 weeks away.

The FSA have stated that firms “must be able to demonstrate by the end of December 2008 through its management behaviours that it consistently treats its customers fairly.”

As an interim step, by March this year, firms were required to have “the necessary management information in place” although sadly, only 22% of mortgage intermediaries met this deadline.

Paul Holden, sales director at MortgageStream is keen to stress to all mortgage brokers that the December deadline is one that advisors should take very seriously.

“There can be no doubt that the FSA are committed to TCF and have already evidenced their willingness to dish out severe financial ramifications for firms who fail to make the grade. At the risk of sounding like a broken record, this is an issue that must be taken seriously as the scale of fines being imposed could easily destroy a brokers’ business.

“I’d encourage every broker to find the right solution for themselves, talk to experts to get solid and reliable advice and investigate how to incorporate technology to deliver a practical solution. There are various ways to find out the answers you need whether it is via a specialist website, attending an event or simply asking an existing supplier what they can provide.”

Research from MortgageStream also reveals that mortgage brokers are largely unaware that they already hold the majority of data and detail they need to satisfy many of the requirements. The leading sourcing and case management systems have an integrated TCF capability which can be activated almost instantly.