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Moneyfacts opening up loan system

Moneyfacts is set to take on Mortgage Brain and Trigold with a full application and sourcing system for mortgage brokers.

The firm already runs a limited sourcing engine for intermediaries called eMoneyfacts used by 8,000 brokers but is planning a complete revamp of its system.

Brokers have welcomed the move as it will provide much needed competition if Mortgage Brain and Trigold merge.

The present eMoneyfacts system is not linked to lenders’ back offices and so a full application is not yet possible.

The first phase of its five-stage revamp, which will be completed in the second quarter, will speed up navigation of the website but enhancements will be not be complete until early next year.

It will also display savings, loans, credit card and current accounts products.

Head of eMoneyfacts Paul Yallop says: “The new system will be linked to lenders’ back offices to do the processing.”

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