Roger Hones, head of development at Mortgage 2000, said the inclusion of a tolerance tool would help brokers identify borderline products that might be suitable for clients. He said: “Brokers can fine-tune the sourcing rules to bring more borderline schemes into the results table.
“Intermediaries have previously criticised systems for excluding schemes from lenders when they have felt there is a possibility the lender would accept the case. This grey area lending is normally caused when a lender is prepared to go outside the parameters of its scheme specific criteria and up to now, sourcing systems have been unable to cope with this aspect of lending criteria.”
James Cotton, mortgage specialist at London & Country, welcomed the addition of a tolerance tool. He said: “The main problem with sourcing within the non-conforming market is the sheer volume and complexity of the products. The products don’t fit into simple categories and to be able to manipulate and fine-tune the search is a good option. Some lenders might use the number of CCJ’s, while others will focus on amount so it’s good the search can be personalised.”
Cotton added: “The non-conforming market is enormous, so to source the whole of it the system must be on task. It is also different to represent the whole of market. The site might have all of the lenders, but sourcing all the products will be harder.”
The Mortgage 2000 Encore system also includes a direct link to CreditExpert from Experian, allowing brokers to direct clients to obtain an instant credit report.
