The move appears to be a change of direction by the HBOS subsidiary. Upon the launch of ENC, BM’s former managing director Michael Bolton said the development was outdated and it reminded him of ‘Jurassic Park’, adding that sourcing systems had “damaged BM’s credibility in the eyes of brokers”. HBOS is one of the primary backers of Mortgage Brain.
However, all products within the BM Solutions product portfolio are now incorporated in ENC’s sourcing engine which also includes an enhanced factfind, data verification, KFIs and electronic applications enabling brokers to search, sort, select and apply for non-conforming mortgages.
Martin Reynolds, head of sales at BM Solutions, said: “We have worked very closely with Trigold to get to this point and the timing is now right for launch. Our aim is to make the broker’s life easier. BM already saves time for brokers with the ‘One Minute Mortgage’ available via its website. The ENC module is another convenient access point for brokers to source BM Solutions’ range of non-conforming products.”
Bill Safran, chief executive of Trigold, commented: “We regard it as a major coup that BM Solutions has chosen to join ENC. BM is one of the major forces in the non-conforming market and is known for its intermediary focus and innovation in product design. We look forward to working with it to support its proposition in the market and its relationship with intermediaries.”
Peter O’Donovan, mortgage manager at Bestinvest, said: “BM Solutions is, generally speaking, a good lender with innovative and competitive products. The Trigold system is also very good so making the BM range available on the system will definitely benefit the lender and the broker in the non-conforming market.”
