Sourcing system to take on big boys

The developer of packager software system Gravity is looking to set up a whole of market sourcing system to rival Mortgage Brain and Trigold.

Called Orbiter, it will offer sourcing, processing and online compliance services.

The system is being developed by software firm Oppono, creator of packager processing and sourcing system Gravity, which has been running for two years.

It plans to roll out a whole of market solution by the end of 2008, allowing it to offer what it calls a one-stop shop market proposition.

Meanwhile, Oppono and Warrington-based packager The Finance Centre have come together under an umbrella firm, also called Orbiter.

The new firm’s board will be made up of a combination of TFC and Opp-ono directors.

TFC will continue to operate as a packager brand in the broker mar-ket, with its everyday operations unaffected by the change in its ownership structure. Customers will also be unaffected by the move.

Robert Kelly, managing director of Oppono, says: “We are experienced in the mortgage market, with 12 packagers already using the Gravity system. “Becoming part of the Orbiter group will help us secure additional skilled resources to enhance Gravity and also accelerate development of the Orbiterplatform.”

Brian Pitt, non-executive director of the new group, says Orbiter has great potential.

He adds: “These are challenging times but there are also big opportunities. Lenders and distribution specialists such as networks are saying their strategies include working only with forward-thinking companies that add value in the mortgage chain.”