Mark Boleat, the former director general of the Association of British Insurers, is the chairman of a new internet service for Independent Financial Advisers (IFAs) called Open Door Finance Services (ODFS).
The system offers online mortgage and remortgage sourcing, processing and tracking facilities for products available from a panel of lenders,
It enables IFAs to research the market, access a range of panel lender products and search alternative mortgage sourcing systems. Both the customer and their adviser can view the progress of any application at any time.
There is a “retry” facility for any rejections that allows advisers to submit fresh applications, using data already gathered, with a greater chance of success.
Conveyancing and valuations are part of the system. These are provided through online panels of solicitors and valuers with nationwide coverage.
Boleat said: “ODFS is a niche service, aimed specifically at helping mortgage intermediaries compete more effectively in today's challenging environment.
“It significantly reduces the hassle of the mortgage process, saving the hard-pressed adviser both time and trouble.
“The system's inclusion of online tracking is a major benefit for both advisers and their clients, enabling them to keep up-to-date with the progress of the