That is the view of Steve Walker, managing director of Promise Finance, who believed sourcing systems in the second charge market had moved on from being just sources of information to underwriting tools.
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Walker admitted that advances in the sector had to be mirrored by the wider market but it would be a huge task due to the size of the market. He said: “Many of the issues which brokers have with sourcing systems in the mortgage market have been overcome in the secured loans sector. Sourcing systems are now a thing of the past and it’s now about processing underwriting decisions. The system we use is able to source products and if it is right for the client and they go through the proper checks, documents are issued.”
Walker admitted it was easier for the secured loan sector to enhance its systems as the market was much smaller than the mortgage industry.
Bob Sturges, director of communications at Money Partners, commented: “I understand the point and I think it’s correct.
“However, as secured loans develop and commercial pressures increase, I would suggest the current level of sophistication and capabilities of secured loan sourcing systems would have to rise to adapt.”
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Bill Safran, CEO of Trigold, said: “Secured loans are a different market to mortgages, both in terms of providers and products.
We have 70,000 products on Trigold and to accommodate that number and the diversity on offer, you have to have different focuses.”
In terms of quality of systems, I believe Trigold is the standard to meet for systems available to the intermediary.”
