Hornsby claimed that following a comparison between the two systems he had found that some of the new functions on the ENC system had been on Encore for a number of years.
“When I got the report on ENC I was disappointed because I was expecting a major step forward in non-conforming sourcing, especially considering the ringing endorsement it received from a number of lenders,” he said.
“I simply wrote to the lenders pointing this out and asking them to similarly endorse our new version of Encore which should be out in August.”
He said that so far only Peter Beaumont, sales and marketing director at Mortgages plc, had written back and agreed to endorse the new Encore version.
Bill Safran, CEO of Trigold, said: “When we developed ENC we started from the bottom up and worked closely with the lenders involved to fully understand their underwriting criteria. We did not take other sourcing system functions into consideration.”
