IRESS has made changes to its technology solutions in advance of the introduction of the Mortgage Credit Directive (MCD).

It says the changes enable intermediaries to quickly and easily produce the required illustration documentation for any mortgage within one system.

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 (ESIS) required under the new rules. Both forms require additional information to the existing KFI. In response IRESS has added further data capture fields to all its mortgage solutions. All solutions will also contain the updated APRC calculation, in line with the new FCA formula.

The MCD regulations will apply equally to both first and second charge mortgages, resulting in the regulation of second charge mortgages being moved from the FCA consumer credit regime to come under mortgage regulation. IRESS says its XPLAN and XPLAN Mortgage products will respond to this in forthcoming updates by enabling users to use IRESS systems to source second charge mortgages. Users will have the ability to compare a remortgage against the cost of taking out the amount as a second charge, helping advisers to provide their clients with the best advice.

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.”