Since the first mortgage sourcing system was built in 1986, their capabilities, not to mention brokers’ attitude towards them, has changed out of all recognition.
Systems now boast up to the second whole-of-market information, guaranteed accuracy and software and data updates that can be automatically uploaded.
And sourcing systems now do much more than just source. They are an invaluable aid within the sales and compliance process , used to produce personalised illustrations, best buy tables and allow brokers to complete much of the mortgage search and selection process through one screen.
All these improvements have led to mortgage sourcing systems moving from the status of a ‘nice to have’ in broker circles to becoming absolutely essential and one of the most relied upon weapons in their armoury.
Today’s systems represent a massive evolutionary leap from their launch 28 years ago. And yet in all that time one aspect hasn’t changed: accuracy is still king.
In a survey carried out by Mortgage Brain, 94 per cent of brokers said that accuracy was the single most important factor when selecting a sourcing system.