Trigold and Mortgage Brain have been unanimously given a vote of no confidence by packagers at Mortgage Strategy’s Mortgage Packager Summit in Nice, France.
Held 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 an all-encompassing super-platform to satisfy 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 the provision of 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 were a lender. Lenders need to be engaged in the process if a successful sourcing system is to be developed.”
However, delegates were told that a common trading platform using XML standards was still a long way off.
Despite a consensus among delegates that there must be greater cooperation between lenders and packagers to develop better technology, there seems little hope that this will happen. Various reasons were given, including commercial interest, competition and a lack of trust among competitors.
Kelvin Cooper, managing director of Solent Mortgage Services, predicts it will be at least two years before Origo gets agreement on a common set of standards. He also says that the only way it can be successful is by inviting packagers to work on the system as well as lenders – something Origo has only recently realised.