The Products working group was formed in 2007 to develop standards relating to information about products, such as rates and fees. The lenders provide this information to third party brokers and to service providers who have developed lending tools such as loan qualifier or loan comparison software. The aim of the standard would be to allow for electronic updates to be passed through from the lender, when changes are made to rates and/or fees. Parties to this standard are lenders and providers of the loan tools.
The products standard has been developed but, as yet, has not been implemented.