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Sourcing row over software claim

Mortgage Brain has slammed rival Trigold&#39s claim that it is the first sourcing provider to announce a launch date for FSA-compliant software.

Last week, Trigold said its Prospector AAA software is set for release on July 30 and claimed to be the first sourcing system to confirm that it would be ready for regulation in October.

Mortgage Brain chief executive Mark Lofthouse says its FSA-compliant software was demonstrated to many of the major corporates in March, some five months before Trigold&#39s stated launch date of July 30.

He is calling for Trigold to apologise to mortgage introducers and lenders which may have been misled by the claim.

Mortgage 2000 is also surprise at Trigold&#39s announcement and confirmed that its own complete compliance system would be available this summer.

The three major sourcing systems have been scrambling to have their systems FSA-compliant and ready for business in time for M-Day on October 31.

Lofthouse says: “Mortgage Brain announced the release dates for its FSA-compliant software on November 13, 2003, some six months before Trigold&#39s announcement last week.”

Mortgage 2000 managing director Sean Hornsby says: “I am happy to confirm that, while we are in no hurry to rush out a half-baked solution, we will certainly be in place with what we believe will be the most sophisticated compliance management tool available.”

Trigold managing director Bill Safran says: “With the greatest respect to our competitors, one of them says quarter three and the other says some time this summer. We felt we wanted to give our users a specific date and that is what we have done by saying that it will launch on July 30.”

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