What choice of mortgage sourcing systems will I have?
Chris French is managing director of the Mortgage Marketing Centre
As an AR you will be given little or no choice of sourcing systems. The network's lender panel and products will be on a system provided to you and without the permission of your network you will not be able to get off-system products. Most networks will offer a comprehensive lender and product choice.
Vic Jannels is managing director of All Types of Mortgages
Networks will usually have preferred sourcing partners that come as part of the package. It is crucial to be certain that the KFI information from these sources is compatible with FSA requirements. This highlights the need for a careful choice of network.
Andy Young is head of mortgage services at Sesame
You must ensure your choice of sourcing system is fully compliant with the rules. FSA rules require mortgage illustrations to be accurate to tolerances of £1 or 1% of the sum quoted, whichever is the lower, and whilst each firm is responsible for the illustrations they issue, a reliable sourcing tool will be an important element in the process.
Chris May is director at Mortgage Times
This depends on whether you become an AR or go DA. Most networks will insist that you use their sourcing systems so it would be prudent to use a network that gives you choice. Of course, if you go for DA you can use any system.
Stephen Atkins is group compliance director at Freedom Finance
Sourcing systems are currently chosen because of the perceived accuracy and presentation of their mortgage data, but after Mortgage Day all KFIs will have to be produced in the exact FSA format and meet FSA accuracy requirements. As this is a problem yet to be resolved I expect the choice to be between the most popular compliance systems.
Kean Seager is chairman of the Whitechurch Mortgage Network
Some networks will insist on the use of particular sourcing systems (and indeed other IT applications in the office). Others including ourselves will allow you to use whatever sourcing/IT you are used to or feel most comfortable with.
Bill Warren is director at The Complete Network
If you are directly authorised the field is open to you but if you opt for AR status within a network, a sourcing system is normally part of the deal. Take care that your network's sourcing system gives assurances on accuracy.
Nick Battersby is group compliance director at Trustguard Home Loans
Most networks will impose restrictions on your choice of sourcing software. However, most will provide the software free as part of their package – and the transition to a new supplier is usually fairly painless.
Sally Laker is managing director of Mortgage Intelligence
With Mortgage Intelligence you will be able to use either Trigold or Mortgage Brain sourcing systems, both of which are integrated into to our exclusive Fusion broker software.