BankMall, a mortgage loan comparison platform preparing to register for online loan brokerage services in September this year, announced on the 2nd that it has passed KOSCOM's 'Conflict of Interest Prevention Algorithm' review for financial consumer protection.
With the enforcement of the Financial Consumer Protection Act in March this year, online loan brokers are required to install a conflict of interest prevention algorithm on their platforms, and the certification of this algorithm must undergo both document and on-site inspections by KOSCOM. Accordingly, the mortgage loan platform BankMall obtained certification for its conflict of interest prevention algorithm through KOSCOM.
The algorithm certification requirements include that individual consumers making decisions on loan-related product contracts must be able to select necessary criteria and search for loan products that fit their needs; when searching, financial products with lower interest rates or principal and interest must be placed at the top, prioritizing conditions favorable to consumers; advertisements for unrelated similar loan products must not be shown; and each function must not be distorted due to fees or other financial benefits.
BankMall's algorithm allows comparison not only of apartment mortgage loans but also of jeonse deposit loans and non-residential real estate mortgage loans. Additionally, the fact that consumers can directly check and compare complex and intricate mortgage loans through the algorithm logic, and that BankMall deals with mortgage loans rather than credit loans provided by existing innovative loan comparison platforms, is why there is significant interest and expectation regarding BankMall's certification by KOSCOM.
Choi Seung-il, Director of BankMall, said, "We have built a system after a long period of preparation that allows consumers to compare mortgage loan products, which have been difficult for them, more conveniently and accurately," and added, "We will continue to develop and provide consumer-centered services."
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