The objectives:

iGuarantee is a new level of standard, of information provided to brokers on mortgage lender products. The objectives of the new standard are to:

• Provide brokers with 100% confidence to use product information that is collected from Panel "A" lenders. Brokers can be certain that they will have access to updated information within 12 hours* of any changes occurring. Our unique automatic two way replication, every time you connect to the internet ensures that your computer is updated at all times.
  
• Provide brokers with a financial protection in case brokers suffer defined financial costs if they use Panel "A" product information and if the information was not the latest released by the Panel A lender within *12 hours after the changes occurred.

The Financial Protection:

Finware will reimburse defined and direct financial costs incurred by the broker, as summarised below, as a direct result of using iLend™ Panel "A" product information and the information in iLend™ was incorrect*.

Financial Costs which are compensated:

• Additional costs incurred by the broker for having to replace/requote a client

Financial Costs excluded:

All other costs not defined as covered, including costs associated with goodwill, costs which may be incurred by any third parties and costs incurred which may be recoverable under Broker's PI insurance cover.

Process for Claiming:

• Immediately as information comes to hand which indicated that incorrect product information was listed by Finware, used by broker and a loss may be incurred, the broker must advise in writing or email all information to finware.
  
• The information must contain details about the product used, the data used, copy of the information provided to the client/prospect, information as to why the product information is considered incorrect.
  
• Finware will require full disclosure and proof of costs and transaction.
  
• The broker agrees to co-operate fully with Finware in providing full disclosure as to the event and provide copies of all requested information.

Financial Scope of Protection:

Maximum amount claimable per event is $6,000.

For additional information please call Finware on #1300 762 444

* 12 hours after released by the lender during office hours, office hours being Monday to Friday 9am to 5pm.

Click to read iGuarantee Press release