Speaking exclusively to Mortgage Introducer Newitt, protection and housing director at L&G, said the current sourcing system technology could not cope with the demands of credit scoring but, as lenders sought ever more innovative ways of funding house purchases, there would be a need for a change.
Newitt said: “While the lenders would prefer brokers to go to their web portals to get these scores, in reality this is not practical because not only would it leave several footprints but also most brokers don’t have the time to visit several sites.
“There will need to be a change away from the current aggregator model.”
Rob Mason, proposition manager for technology specialists Marlborough Stirling, said: “Technically speaking it would not be that hard to do, the sourcing system could link in with one of the credit reference agencies and then provide the calculations.
“However, the two main problems would be the cost and getting all the product providers to agree to it.”
Matt Grayson, head of public relations at BM Solutions, said: “Asking lenders to share their credit scoring models with a third-party might be asking a little much.
“Especially when they will have spent a great deal of time and money perfecting them so they fit in with their book.
“These exchange systems work well with commodities but I am not convinced it would work with mortgages.”
Bill Safran, managing director of Trigold, commented: “Sourcing systems already get you 99 per cent there.
“To go further we would need the keys data from lenders which is only shared with people like Experian or Equifax.”
