Now is not the ideal time to be looking to change your system unless you are totally unhappy with your existing package.
The main reason to stick with what you have is regulation. Despite the announcement by the Treasury in December that it was going to increase the remit of the Financial Services Authority (FSA) in the regulation of mortgages, no further information has been provided.
No matter what any firms say at the present time, they can have no clear idea what will be expected of brokers, lenders and packagers once the FSA comes up with its new consultation paper.
All that is known is that in addition to the FSA’s focus on the accuracy and provision of appropriate and timely information, there will be a further focus on the sales process and the provision of advice, for both mortgage lenders and intermediaries. This means that at the moment, brokers can still operate without using sourcing systems. In the future it is going to be unrealistic to attempt to do business without the support of an appropriate computer system.
Once a clear position on the future of mortgage regulation emerges, all firms should be considering how they will be able to deliver against it. Invariably, this will mean reviewing the options available in the marketplace for expertise both in sourcing and compliance, as well as delivery and market coverage.
A great deal of development work is likely to be undertaken once the new FSA rules are published. It is only then that you will be able to judge the various systems on their merits.
If you really feel you have to change now, then look for ease of use, depth of data (increases accuracy of sourcing), quality of data, mortgage code compliance literature, and e-trading facilities.