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Comparethemarket.com may bring in loan sourcing system

Comparethemarket.com is tipped to be planning a mortgage sourcing system which will provide brokers with customer leads.

Customers are currently transferred to broker London & Country after filling in details on the website.

However, it is thought that the comparison website is looking to use a sourcing system which would pass customers on to a panel of brokers who would be charged to be involved in the process.

First Action Finance head of communications Jonathan Cornell says the website’s move may be the result of a possible reluctance of the public to commit to a deal with a single-firm referral.

He says: “By referring to a panel of brokers, it will make sure that all of those brok- ers on that panel are kept on their toes.”

Cornell adds that by using a panel of brokers, Comparethe market.com would be better placed to satisfy demand in busy periods.

Comparethemarket.com commercial director Jeremy Moll would not comment on the plans specifically but says: “I can confirm that we are reviewing our mortgage pro-position and that this process is ongoing. I am unable to give any further details at this point.”

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