Most packagers use a relatively small number of lenders, often less than half a dozen. Also brokers cannot expect a packager to put forward an exclusive product from a competitor packager or mortgage club.
There are over 30 lenders that offer products for applicants with an adverse credit history, so brokers will never be able to find out all the products available from these lenders from a packager. They will therefore need a sourcing system to assist in analysing the best product available.
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As for accuracy of sourcing systems, Moneyfacts is highly regarded, and with the current upgrade of its broker site eMoneyfacts.co.uk, is a credible choice for brokers wishing to source from the “whole of market” rather than giving the consumer a limited choice from a packager panel.
Some of you will be thinking that I would say that wouldn’t I? But why not send me an email and I’ll arrange for a free trial subscription to the site – I’m confident that you’ll like what you find. The mortgage sourcing is fully integrated with MTE, meaning you can produce KFIs, AIPs and full applications from some of the leading lenders in the UK.
And eMoneyfacts.co.uk is a whole lot more than a mortgage sourcing system, with up-to-date product information on the full range of personal finance products, a comprehensive news service giving details of all the latest product changes, and a full compliance and training & competence toolkit.
I look forward to receiving your emails!
Paul Yallop
Head of eMoneyfacts
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