View more on these topics

A common system is the way forward for the market

From Danny O’Sullivan

Richard Griffiths is right to point out that sourcing systems are already obsolete and non-compatible with many lender websites.

He is also correct in saying that a web-based solution for brokers is the only one that makes sense.

But one important piece of the jigsaw remains, will lenders cooperate? Haven’t there been previous attempts at imposing technological standards in search of a common broker portal?

If lenders wanted to go to market cheaply they could have cooperated in building a common access point for all broker-derived applications. Instead they have built their own websites which range from the sublime to the plain boring.

If all of that money had been put into one common system we would probably have a system that provided instant offers from the majority of lenders and seamless cascading.

You would also be able to effortlessly approach more than one lender simultaneously to assess a case finally bringing to maturity the idea of mortgage bidding.

With such a system lenders could focus more of their resources on product excellence and brokers could focus more of their time on achieving advice excellence. After all companies don’t sell their shares from purpose-built websites but use the Stock Exchange.

Of course there will be winners and losers. I can understand why big players do not want to provide an open platform that allows any new entrant to become an instant equal but this hasn’t stopped GMAC-RFC and edeus from trying.

Surely it is better to reduce everyone’s costs and share the benefits between all shareholders than hold back for fear of upsetting the status quo.

Danny O’Sullivan
Stirling Partners Finance
By email


Big numbers don’t add up to quality

Measuring a network’s quality by looking at the number of its ARs is misguided and misleading – working in the interests of members is more important, says Sally Laker

Ecclesiastical Life to sell Hinton & Wild

Ecclesiastical Life is to sell independent equity release adviser Hinton & Wild as part of a re-focussing of its financial services strategy. Ecclesiasticals focus for the future will be on developing a multi-tie proposition and providing a range of financial products through third parties. Hinton & Wild has been an Ecclesiastical insurance group company for […]

Mandelson moves up ladder with HSBC deal

Peter Mandelson has moved up the property ladder buying a £2.4m property, after having to sell a £373,000 home in a row over loans that led to his resignation in 1998. The mortgage, which has been completed by HSBC, would traditionally only allow him 4 x his salary. Mandelson reportedly earns £160,000 a year, with […]

Stroud and Swindon expands buy-to-let range

Stroud and Swindon has expanded its buy-to-let range with four products designed for investors looking to protect their portfolios against further interest rate rises.The mortgages also allow investors to gain the security of fixing their mortgage repayments for the next two years.The buy-to-let two year fixed rate mortgage has a rate of 5.29% up to […]


News and expert analysis straight to your inbox

Sign up