While Gilmour said he expected volumes to increase he estimated that over the first two weeks following regulation Infinity had seen a 60 per cent decline in business.
“Someone needs to take Trigold to task over the problems that brokers are experiencing, this is desperate slump in business,” he said.
“It’s bad enough being a lender but being a broker must be worse. Trigold have put themselves in a position where people rely on them to produce Key Facts Illustrations (KFIs) and now some brokers find themselves in a position where they are unable to write business.”
Gilmour admitted that the failure of many lenders to release KFIs before regulation had also led to widespread problems, though he was quick to point out that Infinity had been the first lenders to release a working model.
Andrew Seymour, chairman of Optoma, agreed with Gilmour and expressed disappointment at what he said was the failure of Trigold to provide brokers and networks with the ability to write compliant business.
He said: “We are paying them a fortune and not getting the service we need. How can they be under-resourced at a time like this?”
However Bill Safran, joint managing director of Trigold, said: “It looks like we are getting back to business as usual, it has been a huge task migrating 20,000 users from one system to another,” he said.
Richard Angliss, managing director of sourcing system Home Buyer, said it was possible that Trigold was a victim of its own success.
“With so many users if just a few are not operating the system correctly and then phone up the helpline then suddenly the phone lines get all blocked up and it becomes difficult to respond.”
