With challenging conditions in the mortgage market set to continue for some time, Claims Master anticipates a growing number of mortgage intermediaries will register with them over the coming months.
“When we started our mortgage packaging business, Praxis, in 1994, we were very pleased with the response to our launch campaign, but the interest from intermediaries following the launch of Claims Master has been overwhelming,” says director Richard Stettner.
“Since we launched, we’ve registered around three times as many intermediaries wishing to introduce business as we had at the same point with Praxis. At this rate, we’ll have reached our target number of introducers far earlier than planned.”
Stettner puts the high level of interest down to the drop in mortgage lending which has left many intermediaries with a diminishing income. The comfort of dealing with a company they can trust also seems to be an important factor.
“A number of the mortgage intermediaries registering with Claims Master have told us that they’ve seen a dramatic decrease in their activity over the last twelve months, and the drop in income resulting from this is now starting to really hurt. They’re desperately looking for a reliable new revenue stream to replace the income they’ve lost.
“Many have been interested in the claims market for a while but are worried about putting their trust in a firm they’ve not worked with before. Our arrival in the market overcomes this issue as intermediaries will, in many cases, have placed business through Praxis for a number of years, so they know us well”.
During these difficult times, intermediaries need to be light on their feet and open to new ideas if they are to stand any chance of surviving until the mortgage market recovers. The financial claims market offers an opportunity which dovetails well with intermediaries’ existing business.
