Northern Rock has worked in partnership with Trigold's technical teams to bring the details of its underwriting criteria onto the desktop of brokers using Trigold. ENC is the cornerstone of a non-conforming solution on Trigold that includes; enhanced Fact Find, Data Verification, and KFIs. This solution ensures that intermediaries can search, sort, and select for non-conforming mortgages with confidence.
Northern Rock’s products have been launched in an arrangement with Lehman Brothers. These loans will not be written to Northern Rock’s balance sheet, which will remain exclusively for prime mortgage business. Applications will be sourced and processed by Northern Rock in return for origination fee income, before being passed to Southern Pacific Mortgage Limited (SPML), a subsidiary of Lehman Brothers, for completion and ongoing servicing. SPML will be the lender.
Anth Mooney, marketing director at Northern Rock, said: “Northern Rock is delighted to be announcing the launch of our non-conforming mortgage range – Northern Rock Specialist Lending. Our entry into the non-conforming market provides our intermediary partners and their client’s access to an extremely attractive package from a major lender that they know and trust.
"Intermediaries should expect to be able to source non conforming mortgages with complete confidence and this is what they get with ENC. We want to make it as easy as possible for intermediaries to recommend our products to their clients and this starts with the accurate assessment of the suitability of our products versus their clients' needs. We’re known for our competitive rates and a range of other benefits and by signing up to ENC we’re able to present these more effectively to intermediaries while maintaining our commitment to transparency, and the fair treatment of customers.”
Bill Safran, chief executive officer of Trigold, commented: “The support of lenders of the stature of Northern Rock demonstrates once again the level of commitment in the market for the drive towards accuracy and efficiency. We’re working hard to bring precision to non-conforming sourcing and the support of a lender of the quality and reputation of Northern Rock shows just how much progress has been made. Sourcing systems are an integral part of the mortgage sales process and with that comes a responsibility to provide intermediaries with the tools to be able to accurately access products from their favourite lenders. We’re looking forward to working with Northern Rock to being even more of their proposition to our users.”
