The alliance will bring significant benefits to intermediaries on both sides with Trigold's 17,000 users able to access Exweb and The Exchange's 20,000 users able to subscribe to Trigold for FSA compliant mortgage sourcing, application and compliance software.
Trigold users will be able to automatically link from Prospector AAA to Exweb to enable the sale of other products such as general insurance, investments, pensions and both life and health protection policies. Client data entered into the sourcing system can be automatically transferred into Exweb's quotation and transaction services in order to provide an efficient and streamlined sales process for intermediaries.
Exweb will become the only place in the market where intermediaries can access a choice of market-leading mortgage sourcing systems and the leading life and pension quote services to provide intermediaries with a one-stop-shop portal service covering all the main product areas. Trigold provides Exweb users with access to automated initial disclosure documents, enhanced fact finds, user-friendly mortgage sourcing, an intuitive Key Facts Illustrations wizard and a comprehensive suitability letter generator.
In addition, users of Exweb can subscribe to Trigold's compliance shield system, which automatically saves all compliance documents produced during the sales process in an electronic warehouse for simple archiving, auditing and risk management.
The agreement comes at a time when the needs of mortgage intermediaries are converging with those of regulated IFAs as the mortgage market moves towards statutory regulation. Recent research carried out by The Exchange suggests that just over 50% of currently non-regulated intermediaries will start selling other products when they become regulated for mortgage sales.
David Child, managing director at The Exchange, says: “This agreement, secured against a backdrop of regulatory, commercial and technological change, will deliver significant benefits to the mortgage market at a time when innovation is key to success.
“It cements our position as the leading one-stop-shop portal covering all product areas and is a key part of our ongoing commitment to develop our service in line with the needs of intermediaries, ensuring Exweb remains the most comprehensive portal available.”
Bill Safran, joint managing director at Trigold, says: “Having the right software and systems at your disposal is essential for intermediaries as FSA mortgage regulation approaches. This alliance demonstrates the sophistication and flexibility of both systems and will deliver a market-leading proposition. Trigold shares The Exchanges commitment to help brokers and intermediaries save time, reduce costs and improve efficiency in all areas of its business.Our users will have access to a wide range of complementary products via Exweb and we look forward to welcoming Exchange users to Trigold software.”