Major sourcing systems slammed by second-charge stakeholders

18 May 2016

Members of a panel discussing the second-charge mortgage market at today’s Financial Services Expo (FSE) Manchester, the premier exhibition for the financial services industry in the North of England, have slammed the two major sourcing systems for ‘woefully letting the industry down’ when it comes to the inclusion of second-charge product sourcing capability within their products.

Both Rob Jupp of distributor, Brightstar, and Roger Morris of lender, Precise Mortgages, were scathing in their criticism of the two major sourcing systems, particularly in the years leading-up to the introduction of the Mortgage Credit Directive in March this year.

Jupp suggested that in years previously there had been a lack of interest from both systems in terms of updating their systems to provide advisers with second-charge sourcing and that recent u-turns to include such data meant they were ‘Johnny Come Latelys’.

Jupp said:

“[The two major sourcing systems have been] utterly incompetent and woeful. The ‘big swinging dicks’ as I call them, the Johnny Come Latelys, of the sourcing systems are slapping themselves on the back, congratulating themselves on getting to market two years too late.”

Morris echoed Jupp’s comments:

“The sourcing systems have woefully let the industry down. How can two dominant forces miss the necessary requirements of the industry? [They have been] incredibly naive.”

Morris said that it was incredibly positive that the “next generation had come along” and he “applauded” the master brokers and packagers who had taken the lead when it came to second-charge mortgage sourcing and had launched, or were about to launch, their own systems.

Gary Bailey of Together also said the sourcing systems had been slow to get their act together and suggested this had been frustrating for advisers. He was however positive that both were catching up and there would be announcements and launches to be made in Q3 this year.

Further details on Financial Services Expo Manchester are available here: http://www.financialservicesexpo.co.uk/fse-manchester/