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Trigold informs brokers of corrupted database

Amanda Jarvis

December 16, 2004

The error occurred yesterday morning resulting in Trigold advising its users that every scheme would show free MIG and free valuation, even if this was incorrect.

Trigold said that it had amended the system as soon as the error was spotted so that any broker updating their system at that point would receive correct data. However, if a broker had updated the system before this they were advised they would need to do another update to correct it.

Brokers were also warned that if they had produced a KFI for a client that morning they should check the information is correct and, if not, produce a new one.

The error on the Trigold system affected its datafile from 6pm on 14 December to 11am on 15 December. Correct data on the sourcing sytem was available from 3.30pm on the 15 December.

Bill Safran, joint managing director of Trigold, said: “There was corruption in the loading of our database. As soon as we identified the problem we corrected it. We have had positive feedback from brokers who appreciated us sending out a memo to inform them of the situation straight away.”

Julian Wells, head of marketing at Mortgages plc, commented: “We’ve had some real problems ensuring our products are correctly published on the sourcing systems over the last two weeks. This has wreaked havoc for our sales team as intermediaries have been going onto these systems to look for specific products and they are either not there or are not accurate. We’ve been encouraging people to go to our own website to generate KFIs but that doesn’t help them if they are trying to accurately source a mortgage in the first place.”

John Stewart, director of PMI Independent Financial Advisers, said: “What a shame.This could be quite an embarrassment for Trigold. Brokers do tend to rely on sourcing sytems, but this just shows that they should go to the lenders’ website to get KFIs if possible. But the more experienced broker would have smelt a rat anyway if a certain product was shown as having free MIG or free valuation when it shouldn’t have.”


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