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Packagers say sourcing systems are not useful

Trigold and Mortgage Brain were given a unanimous vote of no confidence by packagers at Mortgage Strategy’sMortgage Packager Summit in Nice, France last week.

In the Palais de la Mediterranee, the 85 packagers attending the Summit were asked whether either sourcing system was a useful tool in the packaging process.

Every packager at the Summit voted against both, calling instead for a super-platform to satisfy all their sourcing needs.

Kevin Friend, strategic partnership director at Primrose, says: “Trigold and Mortgage Brain have failed miserably in the sub-prime market.”

Frank Eve, managing director of Frank Eve Consulting, adds: “It is obvious from the vote of no confidence that there is a huge gap in providing sourcing services.”

And Richard Griffiths, chief executive of Network Data, says: “If Trigold and Mortgage Brain were to merge I would be uncomfortable if I was a lender. Lenders need to be engaged if a successful sourcing system is to be developed.”

Both Trigold and Mortgage Brain have rebutted the accusation that they ignore packagers.

Bill Safran, chief executive of Trigold, says: “We regard packagers as a key market for us and our recent acquisition of Dashboard shows we are committed to developing tools for the packaging industry and building systems to meet their needs.” And Mark Lofthouse, chief executive of Mortgage Brain, says it will be holding a packager forum in the next two or three months.

Top of the list of areas to cover will be how Mortgage Brain can help packagers develop their businesses. It will also be promoting its new Mortgage Trading Exchange packager proposition which gives packagers access to and distribution of up to 26,000 users at low cost.

Mortgage Brain recently added enhanced sourcing for buy-to-let and will shortly unveil an enhanced adverse capability.

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