The system, called Evaluate, has been completely rebuilt since it was acquired by the firm from Advantage last year.
Evaluate works by allowing lenders to link their technology to the trading platform using real-time technology. Brokers using the system can input client data, which then interrogates and evaluates mortgages available to produce a binding decision from a selection of lenders. Each binding decision will produce a list of documents required by the lender.
The system has a panel of eight lenders, including Kensington and Advantage, with a number of additional lenders in the pipeline.
Primrose has been working with a number of lenders including GMAC-RFC, Platform and Victoria, to develop integration with the system, with GMAC-RFC shortly to come on board. It is also in negotiations with some larger packagers looking to invest in technology.
Commenting, Kevin Friend, strategic partnerships director at Primrose, said the firm was currently in talks with networks and mortgage clubs to begin rolling out the service. He said: “To date, the industry has failed to adequately tackle the issue of non-conforming mortgages on sourcing systems. By creating a system that links with lender systems using real-time technology rather than relying on data that has been put into the system and is not up-to-date.”
Alex Murray, group director of mortgages at Thinc Group, said: “This is a good piece of technology that could shake up the market. Sourcing systems have let the market down on an adverse basis and this is something that is definitely needed.”
