Enterprise launches system
The EDGE goes live at midnight on 31 May and aims to deliver both speed and regulatory safety for all its users and provide on-line ranked solutions, for any given sub-prime enquiry, by utilising all the products available through Enterprise’s lender panel.
The ranked results are returned in two minutes after searching through around 15,000 products and exclusives across ten different lenders.
Once the ranked solutions are generated, brokers just select the scheme they want to recommend and the EDGE automatically generates a checklist of requirements for submission.
These documents are then printed and saved, so that a full ‘audit trail’ of the enquiry, research, solutions and checklist, are all provided.
Michael Clapper, CEO at Enterprise Group, said, “Feedback from testing and the pilot have been amazing. The EDGE totally transforms the way brokers can now operate in the sub-prime market.
“Not all the sub-prime lenders have on-line systems, so before the EDGE, brokers would have to wait until normal working hours to research sub-prime thoroughly and accurately. The only safe way to trade under regulation was to either use a packager’s placing desk or to approach all the available lenders directly, on-line or otherwise, to see what they had to offer. This all took up very valuable time. This can now all be done on-line 24/7, within two minutes. The future has finally arrived and its called the EDGE.”
The products and exclusives included in the EDGE are from; Kensington, Platform, SPML, Mortgages PLC, GMAC Partners, First National, Beacon, Victoria, BM Solutions and igroup, with more lenders now expected to be added over the coming months.
Paul Shearman, mortgage proposition director of Openwork, said: “Enterprise has always demonstrated its ability to be ahead of the competition, which is one of the main reasons we have always trusted them with our sub-prime packaging. The EDGE system is truly ground-breaking and has once again justified the thinking behind our ongoing partnership with Enterprise.”
“Everyone in the mortgage market should realise by now that it is far too dangerous to use just one or two different lender’s on-line systems directly and rely on only those options as proof of giving best advice. The FSA made it very clear in September last year that the sub-prime market needs to be thoroughly researched in every case and that it wasn’t being done sufficiently. The EDGE system mitigates these risks entirely for all its users.”