Following BM Solutions’ open letter to the sourcing systems, Mortgages plc has also publicly declared that sourcing systems may fall from favour with brokers if they fail to sort out their problems. The specialist lender said sourcing systems were ‘putting on a brave face’ in saying they will be ready for ‘Mortgage Day’ but that there is little evidence to support this stance.
In a statement Mortgages plc said: “They [sourcing systems] cannot guarantee all product data has been verified by lenders and there are important sectors of the mortgage market, such as sub-prime lending for which many systems cannot source accurately – an issue which some of them appear unwilling to address in the immediate future.”
Peter Beaumont, sales and marketing director of Mortgages plc, said that the lender would not pull its mortgage products from the sourcing systems despite its doubts. He said: “There are alternatives. We’re not saying that sourcing systems don’t have a role to play. But they have not provided the necessary assurances.”
And Matt Grayson, public relations manager at BM Solutions, also said it was not preparing to pull its products but would not confirm if it would do so in the future if the problems have still not been resolved.
Mark Lofthouse, chief executive of Mortgage Brain, said: “If our systems are not reliable then surely brokers wouldn’t be using us. As for us ‘putting on a brave face’, we have been actively demonstrating our KFIs to brokers since March this year.”
He added: “Scare-mongering statements are not helpful to the industry. We should be working to deliver the best service to intermediaries.”
