Trigold has today (27 May 2008) announced that it has no plans to list direct to lender products on its mortgage sourcing system. 

The sourcing provider says that it has undertaken an exhaustive consultation with a variety of customers and there is no pressure from either intermediaries or the regulator to list these deals especially in light of the current pricing differentials between intermediary and direct only products.

Martin Colyer, Trigold managing director said:
“As the leading provider of sourcing software in the market we felt that it was important to make our position on this issue clear. We have 26,000 brokers subscribing to over 80 versions of the Trigold system and so we’re in no doubt of the responsibility that we have to provide these users with the tools that they need to conduct business.

“Neither the FSA nor the intermediary community is pressing for direct deals to be shown which is understandable with the system able to products KFIs for in excess of 15,000 products from over 100 mortgage lenders. 

“There is of course the possibility that if the difference in pricing changes significantly the FSA might revise their position and ask intermediaries to consider the direct only products. We will not make knee-jerk decisions but will act swiftly and appropriately to support the intermediary market. We will, of course keep a watching brief on the situation and communicate with our customers and the market whenever appropriate” continued Mr Colyer.

Trigold has also applauded the work of AMI in tackling this issue with the FSA and for being a driving force in support of brokers.

Martin Colyer commented;
“There is no doubt in my mind that the activity and influence of AMI has been a significant factor in reversing the trend we were beginning to see a few weeks back of increasingly attractive pricing by lenders only available through branches. It is in times such as these that an industry looks to their association to step up to the plate and I think that AMI is doing a sterling job.”


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