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Exweb’s mortgage sourcing service will close

The Exchange’s Exweb mort- gage sourcing service is to close after the group admitted that it does not have enough users to meet its costs.

Despite confirmation from parent group Vertex Financial Services that it will be invest- ing heavily in The Exchange, the Exweb mortgage sourcing service is not seen as a viable proposition as its development costs are not being balanced by its limited user base.

The sourcing service has only a few hundred subscribers while rival Trigold can spread development costs across 24,000 brokers. The service is also limited compared with rivals, focusing on headline rates and not offering online key facts illustrations or applications.

Exweb has written to users saying the current software will cease at the end of November but Prospector Lite from Trigold is offered as a substitute.

Exweb is suggesting that its subscribers join sourcing systems offered by Trigold or MBL through The Exch- ange portal.

The Exchange spokeswoman Jane Hewin says: “Subscribers should not really notice the difference when they make the change to Prospector Lite.”

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