View more on these topics

Brain and Enterprise clash over sourcing

Mortgage Brain has hit out at Enterprise’s plans to set up whole-of-market broker and consumer sourcing systems, claiming that it could create conflicts of interest.

Enterprise’s broker sourcing system launches whole of market in October, offering a free online alternative to sourcing systems such as Mortgage Brain and Trigold.

It is also setting up several branded consumer mortgage-sourcing systems.

Enterprise chief executive Michael Clapper says: “We are bringing forward all our plans and morphing into a technology-based firm. We are set to offer an alternative to sourcing for brokers as well as developing consumer-facing systems. We are going for everything.”

Packager network Enterprise has developed branded consumer-sourcing systems for the Daily Express and the Daily Star and is planning similar systems for Ashdown Lyons, Primelocation.co.uk and AAP.

Mortgage Brain chief executive Mark Lofthouse says setting up broker and consumer offerings could create a conflict of interest.

He says: “You need to look at the motives of releasing broker and consumer arms. Brokers need to know that Enterprise is clearly focused and is not competing with them.”

Lofthouse also says Enterprise’s 24-hour turn-round time compares unfavourably with Mortgage Brain’s four hours. “Just because something is free does not mean that it has worth,” he says.

Clapper denies a conflict of interest. He says consumer-sourcing systems are primarily lead generators and will only help the broker world.

Recommended

Bubbling along

Commodity prices are again rallying after some sharp falls in recent weeks.

Growing against the gain

Much has been written about the introduction of the flat rate of capital gains tax announced in the October 2007 pre-Budget report.

Sticking to valuation discipline when investing in China

Journalist Alexis Xydias discusses the opportunities – and potential pitfalls – of investing in China with Artemis fund manager Peter Saacke. With Peter holding significant positions in China in the Artemis funds he manages, journalist Alexis Xydias quizzes Peter on the risks of investing in Chinese stocks – including over-valuations, margin trading and financial reporting issues. Click here for video

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment