Paradigm Mortgage Services has become the first distributor to offer its members access to a newly launched bridging sourcing system.
The sourcing system has been developed by bridging firm Capital Advances and was recently launched in conjunction with Solent Mortgage Services.
It contains product placement, AIP, application and processing capabilities and allows brokers to input data and receive initial underwriting of any case.
It also has a data feed into AIPs and lender applications without the need for rekeying information. It calculates interest to the penny, shows the best available rates and audits not only regulated and non-regulated cases, but also provides a remote compliance report.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “The bridging market has gone from strength to strength in the last couple of years, with many new entrants and an array of propositions. Being able to give our members access to such a comprehensive sourcing system that will help them take advantage of this burgeoning sector is a significant development.
“One thing that has prevented some intermediaries from diversifying into bridging loans before now is uncertainty surrounding regulatory and compliance issues, and with such a range of proposition features available this sourcing system will help ease the compliance burden, providing a full audit trail from the start of the process.
“Before it was difficult for brokers to make sense of confusing interest calculations from some bridging lenders, but this system allows them to navigate the sector with confidence.”
Ian Balfour, chief executive at Solent Mortgage Services, said: “We are delighted to be working with Paradigm members and look forward to further developing our longstanding relationship. This new service is an important step change in the way intermediaries can access the bridging market, by allowing whole of market sourcing, AIP, application and fulfilment in one place.
“Paradigm members will now be able to provide advice confident in the knowledge that each step of the process from enquiry to completion will meet all compliance requirements.”