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KFIs Explained

KFI Section 2 - Which service you are providing your client with?

Under mortgage regulation, Nationwide must check you have the correct authorisation level for every case and you must declare the level of service you have provided your client for their application. The two authorisation levels are 'adviser' and 'arranger', with the level of service provided to clients being either 'advised' or 'non-advised'. The level of service is verified by Nationwide based on what you and your firm tell us and what is on the FSA's register. For example, if you are an arranger and a case is submitted giving 'advice', Nationwide will not accept the case until the level of service is clarified.

KFI Section 8 - What fees are you charging?

This section details all fees that the client is required to pay to both the Lender and yourself. For example, valuation fees and reservation fees that Nationwide charges. If you also charge fees, you must input these into the KFI. These details must also be disclosed in the mortgage application in order for us to disclose them in the offer documentation.

KFI Section 13 - The mortgage intermediary

This section details fees that the Lender pays to the intermediary, such as procuration fees and inducements. If you obtain a KFI from the Nationwide website or MTE, Nationwide will automatically disclose the gross procuration fee and details of the recipient(s) within section 13 of the KFI. This may not be the amount of money that you receive from your company/firm. In addition Nationwide will calculate the value of any inducement you, your company and any network/club has received. Nationwide's definition of an inducement includes, for example:-

• lunch
• football tickets
• gifts - e.g. bottle of wine
• trips
• valuations

Nationwide will only disclose inducements if the overall value of these exceed £50 per mortgage case completed.

Where using a mortgage sourcing system to obtain a KFI you will be required to complete the details yourself for KFI sections 8 & 13. Nationwide will provide information on any inducements over £50 to your company/network/club, who in turn will provide this information to you.

Please note: Although a KFI is an industry standard document in terms of format, content may differ due to lender interpretation.

• KFIs also contain intermediary contact details. Please make sure you have updated your details on our database

KFIs will not be branded 'Nationwide' as it is the intermediary's KFI and as such it can be printed on your own branded stationery. KFIs do not check an applicant's eligibility for a mortgage or our lending criteria, affordability, or credit information. Nationwide can only produce KFI calculations on the information supplied and the relevant product chosen on the day.