View more on these topics

Sourcing systems under fire

The industry’s main sourcing systems have come under fire for holding product providers over a barrel.

Last week, Simon Mouncher, operations director of em-financial, wrote to Mortgage Strategy about Trigold. Mouncher complained that despite paying the sourcing system high fees, lenders not only have to list products once they have been keyed in but also verify them.

Now Ernie Reeves, director of sourcing system Phoenix CPU, has accused the main systems of acting like a monopoly. He says lack of serious competition means providers have no choice but to have their products represented on the big boys’ systems.

But his comments have been dismissed by some of the larger sourcing systems, which insist there is healthy competition in the market.

Mark Lofthouse, CEO of Mortgage Brain, says: “We are competitive with rivals. Our customers use us because we provide good products and good service. There’s room for more players but they will live or die by their services just as we do.”

Bill Safran, CEO of Trigold, adds: “Trigold works closely with lenders and other product providers to ensure high quality service.”


Preferred confirms that MD has quit

Preferred has confirmed that joint managing director John Webster has decided to leave the company to pursue other opportunities.George Patellis, the other joint managing director, has also announced that he will leave the company later this year to return to America with his family.Speculation is now rife that Webster is rumoured to be taking nine […]

Lib Dems back Paymentcare campaign on PPI

Vincent Cable, Liberal Democrat shadow chancellor, today announced his backing for Paymentcares campaign to persuade the Office of Fair Trading to direct high street providers to label their payment protection policies with a clear warning to consumers.Shane Craig, managing director of Paymentcare, says: “We are delighted to have the support of Vincent Cable in this […]

CII opposes cutback in FSA regulation

The Chartered Insurance Institute has opposed the Financial Services Authority proposals to remove customer controlled functions from the regulatory regime. The CII emphasises the need to retain direct regulationof individuals dealing with customers. The FSA is arguing for the abolition of customer controlled functions where individuals are dealing with wholesale, i.e. non-private, customers. The FSA […]

CML figures show 4.3% increase in mortgage lending

Gross mortgage lending increased by 4.3% to an estimated 28.1bn in September, up from 26.9bn in August, according to the latest data from the Council of Mortgage Lenders. This figure is one of the highest monthly lending figures on record, and 11% more than the 25.3bn of lending in September 2004.CML say that since the […]


News and expert analysis straight to your inbox

Sign up