The struggle in the sourcing software market has intensified as deals involving both Trigold and Mortgage Brain have come to light.
Trigold has signed a deal with Scottish Life Mortgages to distribute its software, while Mortgage Brain has teamed up with Norwich Union (NU) Mortgage Club in a similar arrangement.
The mortgage club and packager, Scottish Life Mortgages, will distribute Trigold’s Prospector software and online sourcing facility, Researcher, to its members. It will also use the platform’s Product Data Bureau to manage the release of its exclusive products onto the system.
Steve Scholes, director of Scottish Life Mortgages, said: ‘We are delighted to have formed this partnership with Trigold to increase our technical offering to our customers. Brokers will have the facility to use both our mortgage club and mortgage packaging facilities and access our website.’
Commenting on the link-up, Martin Finegold, managing director of Trigold, said: ‘Our system provides a unique bespoke solution for any larger broker group looking to provide personalised software of the highest standard at a low cost.’
The deal highlights Trigold’s desire to secure a sizeable distribution base, which can be used to entice those larger lenders not yet on board to sign up.
Chris Fleetwood, managing director of sales and marketing consultancy Paradigm, said: ‘It seems like a good way of increasing Trigold’s subscriber base, and will certainly raise its distribution and profile, but we will have to wait and see whether it will have any effect on lenders. With the Mortgage Brain and Mortgage 2000 link-up, they seem to have most lenders in the market at the moment.’
By signing a deal with Norwich Union Mortgage Club, Mortgage Brain may take some of the wind out of Trigold’s sails. Norwich Union already offers Trigold’s software to its members and Jon Round, head of mortgage development for NU, said: ‘We have offered members Trigold’s sourcing system for around 12 months now and this has proved very popular. To expand our proposition we will now provide Mortgage Brain software to attract IFAs who would rather use it.’ He said over the next few months, NU expected around 1,000 licenses to have been taken up, but would not give numbers on how many were already using Trigold.
Mark Lofthouse, chief executive for Mortgage Brain, commented: ‘We want to work closely with corporates and have been talking to NU for a period of time. They recognised there was significant demand from members for Mortgage Brain and they are responding to this demand.’
Lofthouse was unprepared to comment on the impact the deal may have on Trigold, although after over a year, it is expected most intermediaries who want to take up the Trigold offer through NU will have done so.
Both Trigold and Mortgage Brain are expected to announce further distribution deals in the coming months.