Exclusive products and products solely available through networks are one issue, but speaking at last month’s Mortgage Business Expo in Manchester, Paul Rockett, director of sales and marketing at TBMC, said many products still don’t fit the templates of conventional sourcing systems.
He added: “We don’t advertise our products on the systems either because they would go straight to the top of the best buy tables. This would swamp our underwriters and cause havoc with our service.”
Mark Lofthouse, CEO of Mortgage Brain, said its system already provided the equivalent of a KFI for non-regulated buy-to-let products and that he was confident it covered all the available products.
However, John Heron, managing director of specialist buy-to-let lender Paragon Mortgages, agreed there were problems. He said: “Because the loans are commercial they do not fit the criteria set up to deal with, what will be, regulated mortgage business. We are working with Trigold and Mortgage Brain to rectify this.”
Bill Safran, joint managing director of Trigold, also admitted there was still work to be done.
“We are continually enhancing our system, and the display and analytical tools for buy-to-let mortgages are no exception,” he said. “We are figuring out a way of differentiating between regulated and non-regulated products.”
