Sub-prime sourcing engine is launched

Sub-prime packager Smart-move has launched The Adverse Solution, a sourcing engine and lender panel.

The service offers brokers access to a panel of 11 non-conforming lenders backed up by specialist inhouse underwriters and a web-based sourcing engine.

Smart-move marketing director Sue Daysh says: “Adverse and non-conforming lending is perceived as time-intensive but The Adverse Solution makes it a straightforward and profitable proposition.”

The sourcing engine provides an exact match for client requirements rather than just pointing brokers in the right direction. The system will also offer access to second charge lenders and personal loans by February 2004.

Daysh says the system gives more precise matches than existing systems as well as a list of those that don&#39t match, providing an audit trail for brokers including passes and fails as required under regulation.”

Compliance support is also available including visits, memos and newsletters, and file reviews on individual cases to ensure all documentation is compliant.

Daysh adds: “We realise that no two brokers or borrowers are the same. The personal element of this system is particularly important in this area of lending and allows borrowers to receive as much – and just as importantly, as little – help as is needed.”