Ernie Reeves, whose ‘Place Me’ software operates as a pure sourcing system for non-conforming mortgages, believed the major systems were trying to cover too many uses. He said “Most sourcing systems have developed too far away from their core function. In developing online services they have neglected to keep up with the demands of the sub prime market. Intermediaries want to know that the quotation engine is actually giving them an accurate picture both in terms of lenders who will genuinely entertain the enquiry and in terms of the costs to the client, before they even go to the KFI stage. Unfortunately, the main sourcing systems are trying to be all things to all men and ignoring the importance that intermediaries attach to this vital area. “
Alan Hill, CEO of First Mortgage Options,
said “The main sourcing systems have a role to play in the prime mortgage market. However, non-conforming mortgage criteria is now considerably more complex and sophisticated than prime mortgages and in our experience, the main sourcing systems have definitely not kept up with the increasingly idiosyncratic nature of the sub prime market, which has led to accuracy issues. In this market both accuracy and speed is essential.”
