Financial data provider Defaqto is targeting mortgage sourcing systems, brokers and networks as possible purchasers of its product data.
Mark Hayes-Newington, commercial director at Defaqto, said sourcing systems were currently getting data from lenders individually and in differing formats. If enough outsourced their data requirements to Defaqto, he said it would aggregate the cost and make it cheaper for all. He also believed the accuracy of the data Defaqto could provide would be better, and that it would allow the sourcing operations to concentrate on the presentation and use of the data.
For large intermediaries and networks, Hayes-Newington said Defaqto’s data could also be used to isolate suitable product providers to establish panels. He hoped it would prove a useful tool to niche brokers looking to find unusual products for particular clients.
Defaqto provides the data for the Financial Services Authority’s comparative tables, and Hayes-Newington said having such official backing helped in ensuring co-operation from across the market. He commented: ‘We can provide the data needed cheaper, with greater accuracy, and avoid management headaches if data requirements are outsourced to us. We will look to charge a flat annual fee, which would be negotiable for the larger networks. This model would allow sourcing systems and brokers to concentrate on their core business.’
Claire Kennedy, spokeswoman for sourcing system Mortgage Brain, said it was focusing on the provision of its own data at the minute and was happy with its breadth and accuracy. She commented: ‘We appreciate the value of accurate product data for any intermediary. With the latest release of our software, we introduced a verification process to ensure greater confidence in the information available.’
