Sourcing system providers Mortgage Brain and Trigold have confirmed they could make verifiable product information available to rival systems in the interests of giving the industry accurate, compliant data .
The confirmation was in response to questions at a recent Association of Mortgage Intermediaries board meeting. AMI is keen to set up what it calls a 'common reliable platform' from which brokers and sourcing systems could access verified KFI data.
Mark Lofthouse, managing director at Mortgage Brain, says: “We were asked whether MBL would make available the verifiable data we had to other third party sourcing systems. The answer was yes, as long as it is on a reasonable, commercial basis.
“We were also asked if there were any systems on the list provided to whom we would deny access and the answer was no.”
And Bill Safran, joint managing director at Trigold, says: “Any proposal that supports verifiable information, Trigold will support.”
It is thought that rather than remove the need for sourcing systems such a move would strengthen their proposition as brokers would have more confidence in them. The major stumbling block seems to be whether lenders could come to an agreement. A similar idea was promoted by the CML in the late 1990s but the plan collapsed due to in-fighting among lenders.
In a separate initiative AMI has welcomed the fact that lender training schemes are to be vetted by an independent qualifications panel under revised guidelines set out by the Financial Services Skills Council.
There has been growing concern within the financial services industry – particularly from AMI – that allowing lending firms to create their own examinations would be a recipe for chaos.