‘Gravity’ is currently being rolled out with staged launches and is set to be completely available from 1 November. It was tested with initial launches to 10 firms, which has since been increased to 26.
Bob Hope, head of sales and network at BDS Mortgage Group, said: “We can identify why a lender won’t do a deal as if it is outside of the criteria as we can document it and show near-misses to the product. If it is out of the loan-to-value (LTV) band by 2 per cent then we can reduce the loan and get a slightly better rate.
“Companies like us use other sourcing systems that don’t often meet the demands, or people will look for products manually. Packagers will be asked by brokers ‘why did you recommend that lender?’ So we let the brokers decide themselves.”
The system is web-based and is updated online. BDS has claimed that this process not only ensures that products are constantly updated, but it has often found them updated on Gravity before the changes appeared on lender websites.
Barbara Legg, director of Barbara Legg Associates, said: “There’s always room for new sourcing systems as long as it knows what it’s doing. If it can prove to be better, it will be very welcome.”
get the daily news delivered to your inbox
find the latest industry jobs
register for the next forum
