IRESS has updated its technology solutions in preparation for the Mortgage Credit Directive coming into force on 21 March.
IRESS’ XPLAN Mortgage, Trigold Prospector, MSO and other mortgage solutions will now enable users to produce the relevant mortgage illustration whether the lender is using the new transitional KFI+ or the new European Standard Information Sheet required under the new rules.
IRESS has also added further data capture fields to all its mortgage solutions, which will contain the updated Annual Percentage Rate of Charge, which allows borrowers to evaluate the cost of a loan in terms of a percentage.
Andrew Simon, executive general product manager at IRESS, said: “The mortgage market is continually evolving, and under the new MCD rules, users need technology solutions that allow them to feel assured in their ability to produce and record the required documentation.
“These enhancements to our products will provide brokers with the assurance that all IRESS systems they use are fully compliant. By releasing the changes now, ahead of MCD coming into force, we are enabling our clients to have time to familiarise themselves with the enhancements as they review their processes.
“Ultimately, technology should assist firms in coming to terms with regulatory change, rather than complicating the situation, and we will continue to invest to ensure this is the case.”