The company, which specialises in the non-conforming and adverse credit market, is aiming to capture a slice of the market post-‘Mortgage Day’ when unregulated introducers will be looking to refer leads to third parties who are regulated to offer advice.
Compass Finance, which has in excess of 110 staff including a network of representatives across the country, currently has 14 lenders on its panel and packages over £220 million in loan and remortgages per year. The company has applied to be directly authorised by the FSA from ‘Mortgage Day’.
Nick Jones, formerly business development manager at Blemain Group, has been appointed to head up the new dedicated sales team. Jones said: “With its sales process and conversion capability, Compass Finance is perfectly positioned to work with introducers to help their businesses grow. We expect to package as much as £60 million through our broker-to-broker channel this year.”
In addition to regular updates, introducers will be able to track their referrals online. Compass Finance said it will pay commission rates for each completed application while extra commission will be paid dependant upon the levels of business introduced.
Compass has also entered into an agreement with Surrey-based Best Advice Financial Planning, which will be referring any complex non-conforming cases to Compass.
Paul Banfield, partner at Best Advice Financial Planning, said: “The non-conforming sector is a big marketplace. We’ve just launched a dedicated non-conforming division and see Compass as the right company to pass on any specific cases that we ourselves would not be able to deal with.”
