Trigold sorry for 700 error

Trigold has apologised for a mistake in a product fee on its sourcing system which left a broker’s client 700 out of pocket.

An industry source contacted Mortgage Strategy about an incorrect illustration by Trigold which showed a fixed fee of 500 for a Paragon Mortgages buy-to-let product. But when the offer came through, the arrangement fee was 1.5% of the loan. This meant that instead of 500 the client would have to pay 1,200.

Both Paragon and Trigold refused to be held responsible when confronted. But Trigold consented to paying half the surplus 350 and the broker forked out the other 350.

The source says: “We should push for sourcing systems like Trigold and Mortgage Brain to be regulated by the Financial Services Authority – or if they are negligent they should put their hands in their pockets and pay for mistakes. They should be held accountable. We now have to double-check everything. Had it been a big case we could have forked out close to 8,000. It might have been disastrous.”

FSA spokesman Robin Gordon Walker says it does not determine what areas are regulated by it, that is a matter for the government.

David Thompson, sales director at Trigold say: “We take data standards seriously. Within an hour of being told of the error it was resolved and updated on the system with our apologies to the broker. Although the product was unverified, and is just one of 58,000 schemes on the system, we are disappointed there was a single error.”

John Heron, managing director of Paragon, says: “We deliver the same information to networks, packagers and third party sourcing systems and are responsible for inaccurate information we supply to brokers and other third parties. And third parties are responsible for the way they present lender products to the market.”