Mortgage 2000 is offers its sub-prime sourcing wizard to the entire mortgage market.
It claims the new system rivals the competition by not limiting the advanced sourcing capability to a predetermined panel of sub-prime lenders.
Instead Encore enables intermediaries to source the whole of the market with a high degree of accuracy against exact qualifying rules.
The criteria sourced against include mortgage arrears, defaults and CCJs, repossessions, IVAs and bankruptcies.
The sub-prime sourcing wizard has been available on trial to existing users of Encore since earlier this year and Mortgage 2000 now intends to increase membership from intermediaries who currently use other sub-prime sourcing systems.
Roger Hones, head of development at Mortgage 2000, says: Not only does our sub-prime wizard source against exact qualifying rules, it makes it possible for intermediaries to fine tune the sourcing rules to bring more border line schemes into the results table.
After the initial source has been conducted an intermediary can use their own market knowledge to allow certain lenders or products to be included in the tables to allow a true comparison of schemes
He adds: If a clients credit history falls just outside the criteria for a near prime product (e.g. a 510 CCJ rather than a maximum of 500) the tool allows the intermediary to vary the tolerance to return schemes from all lenders which allow a CCJ up to 500 and who might consider the applicant despite them having a CCJ of 510.
This brings flexibility to sourcing and enables the intermediary to carefully review the product information and use their best judgement to recommend the most suitable mortgage product.
Intermediaries have previously criticized systems for excluding schemes from Lenders when they have felt there is a possibility the lender would accept the case.
This grey area lending is normally caused when a lender is prepared to go outside the parameters of its scheme specific criteria and up to now, sourcing systems have been unable to cope with this aspect of lending criteria.
A further development is that all of this improved functionality is also backed up by a direct link through to CreditExpert from Experian which means that intermediaries are able to direct their clients to obtain an instantaneous full credit report.