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Shock as BM Solutions embraces sourcing systems

BM Solutions made a complete U-turn on its historically negative view of sourcing systems last week.

First it confirmed industry rumours, exclusively revealed by Mortgage Strategy Online, that it had joined Trigold’s Enhanced Non Conforming system. Trigold ENC is heavily backed by Abbey whereas HBOS is one of the primary backers of arch-rival Mortgage Brain.

When ENC launched, BM Solutions caused controversy when former bosses Michael Bolton and Alan Cleary were openly “unimpressed” and saw little point in joining. The addition of BM Solutions means over 95% of the market now supports ENC.

Bill Safran, CEO of Trigold, says: “We regard it as a major coup that BMS has chosen to join ENC.”

HBOS has also agreed to verify all product information for its five mortgage brands on the four leading sourcing systems, M2000, Trigold, Mortgage Brain and MortgageLink.

HBOS will continue to guarantee the online KFIs generated via its own web-based systems.

Nigel Stockton, managing director of HBOS Intermediaries, says: “We will work with the sourcing industry to develop a compliant solution that delivers what intermediaries need.”

Sean Hornsby, managing director of M2000, says: “This is extremely positive and shows HBOS has recognised that most brokers will continue to use sourcing systems despite what lenders do in terms of website development.

But Frank Eve, director of Frank Eve Consulting, which has been working to develop open standards in the UK with Origo, says: “If there were open standards whereby brokers could get direct access to lender data, verification wouldn’t be necessary. The cost of doing it through an Origo-sponsored forum would be small in comparison with the cost of manual verification of data.”


Openwork offers international mortgages with Conti and Viva Costa

Openwork this week goes live with an international mortgage offering through Conti Financial Services and Viva Costa International. Openwork advisers will have access to more than 200 residential mortgage products available in over 30 countries worldwide through Conti. The company has a staff of 20 and has been trading for over 10 years. It offers […]

SPML completes 400m securitisation

Southern Pacific Mortgage Limited has completed a 400m securitisation of its mortgage assets, consisting of 85% first charge and 15% second charge mortgages from across its light adverse and sub-prime product ranges. The securitisation was arranged and lead-managed by Lehman Brothers, who were joined by UniCredit Banca Mobiliare as co-manager. Notes were issued in US […]

HBOS to verify all product data on sourcing systems

HBOS has confirmed that it is working with four industry leading sourcing systems – Mortgage Brain, Trigold, Mortgage Link and Mortgage 2000 – to verify all product data held on their individual systems. All HBOS products will be clearly marked for ease of intermediaries use. HBOS expects this new system of product verification to be […]

Egg calls for student loan data to be shared

In conjunction with a new industry initiative to improve banks lending decisions by the increased sharing of customer information, Egg is calling on the government to do its part in raising responsible lending standards and share student loans data.Today Barclaycard, Abbey and the Co-operative Bank announced plans to share additional customer data on credit cards, […]

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Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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