Peter Brodnicki, chief executive of MAB, confirmed the software would be fully integrated into the company’s existing MIDAS CRM system, and in turn, integrated into its point of sale system.
Brodnicki said: “We have our own in-house technology providers and have always invested heavily in IT resource. After speaking to all our user groups and working closely with them, we looked at the sales process and customers relations and knew we needed something bespoke for our brokers.”
He said the firm had looked carefully at all mortgage sourcing solutions on the market before deciding on The Core.
“We want a system that innovates and will continue to do so, not something that will plug a new addition onto the old,” said Brodnicki.
“This is just the first rung of the ladder for both CDS Group and MAB. We both have big development plans for the system and plenty of plans for the future,” he added.
“We’ve been with Trigold for years who’ve been extremely flexible and we’ve been happy, but CDS captured our imagination,” he said.
No timeline has been agreed yet, but the system should be in place by the end of the year confirmed Brodnicki.
Martin Colyer, managing director of TrigoldCrystal said he wished MAB well for the future after their eight year relationship and said TrigoldCrystal welcomed competition.
“The market has been a little stagnant since Mortgage 2000 and Enterprise were taken out of the market and a new competitor is always very welcome. This will spur on innovation and we plan to launch our new version of Trigold, the V9 within the next month and announce further integrations including a link-up with second-charge loan provider, Moneo.”
The V9 will allow brokers to search “what if” scenarios, said Colyer, and compare and contrast different scenarios.
“And we look forward to winning MAB back at some point,” he added.
CDS Group has already launched MortgageCore, but plans to launch ApplicationCore, its fulfillment software in the next six to eight weeks, with its client management system ClientCore shortly afterwards.
Peter Heigho, founder of Trigold and The Key and chief technology officer of CDS Group, confirmed MAB is the first advice firm to announce its move, but further firms would follow shortly.
Heigho said: “Lenders continue to invest a lot of money in their own systems but brokers still have to come and re-key into mortgage sourcing software. One of the top ten lenders has already agreed to work with us to build an online bridge between intermediaries and lenders,” said Heigho.
He added the biggest problem for sourcing systems is listing product variations as a stand-alone product.
“Our system has over 1500 data fields, which means it may take longer to load any the product in, but it can cope with hybrid products like capped trackers and any administration or updates become simple after that,” he said.