Hero
One sourcing system – potentially our hero. So, it is clear that mortgage sourcing systems are crucial to the success of the mortgage intermediary and yet they could do better when it comes to dealing with specialist lending products – a significant part of broker business and one which is set to grow. However, positive steps have been taken by at least one sourcing system to close the loophole. With this new system it hopes to provide a sourcing solution for the non-conforming market. In basic terms, they have taken the seemingly simple step of adding in more specialist criteria and making the brokers life more straightforward by being able to source such a deal with ease to their sourcing software. If all goes well brokers will be able to search, sort, select and apply for specialist mortgages with full confidence. Good news for borrowers, brokers and lenders. We hope others follow suit.
Zero
Sourcing systems. Undeniably, they are of benefit to lenders and to brokers looking to source mainstream products. But I think they are missing a trick. The majority of the most popular sourcing systems are designed to search and source under mainstream criteria. They simply don’t incorporate the flexibility and simplicity required for the more complex needs of specialist borrowers. This is an unnecessary gap through which we are all losing out - lender, broker and customer. Customers can be mistakenly offered an inappropriate product. The upshot is a disgruntled customer. On top of the loss of potential clients, the broker has to consider its standing with customers. And it’s not just specialist lenders that are affected. Mainstream lenders too may find themselves spending time on inappropriate applications and suffer similar issues. With one in four borrowers now falling into the specialist category and a specialist market that looks set to continue its growth, sourcing systems need to close this loophole.
