‘Floundering’ sourcing systems behind the times

Thomas Reeh, chief executive of blackandwhite.co.uk, stated that the speed of change in the market had left large sourcing systems ‘floundering’.

Following the credit crunch in global financial markets, the mortgage market has seen lenders announcing criteria and product changes on an almost daily basis in an effort to limit the risk they are exposed to.

This is not the first time Trigold has faced criticism over it reliability of product information.

Reeh said: “We’ve re-written hundreds of cases in the last month because of all the criteria changes and the sourcing systems are finding it really difficult. Trigold is two months behind the market and we’re having to validate and check everything we do.

“The problem with Trigold is it is too big; it is whole of market. To update and validate it takes time. We have our own bespoke Trigold and it needs to do its part to update it, but it is taking too long. Smaller sourcing systems have the advantage of being more nimble.”

However, Bill Safran, chief executive officer of Trigold, denied the claims.

He said: “I can categorically say that we are up-to-date with the products of all lenders. We work very closely with lenders to make sure it’s accurate and feel confident of the information that we provide.”

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