Peterborough-based ECL, which has a nationwide packager membership, will apply to the FSA in January for Direct Authorisation status for The Mortgage Union.
Brokers and intermediaries who become Appointed Representatives via The Mortgage Union – which will be a separate company to ECL – will enjoy advantages including access to a competitive range of exclusive mortgages, both packaged and directly submitted, together with competitive general insurance products.
The Mortgage Union will operate as a national brand, supported by ECL’s network of 35 regional offices, and all of its Appointed Representatives will get the backing of an experienced compliance team. The Mortgage Union will be strongly ‘back-up’ orientated in the services it provides for brokers, with an emphasis on the provision of materials, training opportunities, a helpdesk facility and a full sourcing system.
Once The Mortgage Union has secured Direct Authorisation status it will embark on a campaign to expand its Appointed Representative broker and intermediary numbers, with a vision of becoming one of the UK’s leading mortgage networks, combining national profile and coverage with the ability to help its intermediaries offer a personalised, local service. However, the new brand will make its first public appearance to intermediaries at Mortgage Expo on 18th/19th November.
ECL’s mortgage business throughput has grown fivefold in less than 3 years to an annual figure of in excess of £1.5 billion of completed mortgages, but the plans to launch The Mortgage Union indicate that its sight are now set firmly on the future, and a structure that will help to both consolidate business volumes for existing members – Mortgage Union intermediary members will be able to place business through ECL packagers - and develop a UK-wide network organisation with a powerful national voice.
Patrick Day, Managing Director of Exclusive Connections, said: “ For the many intermediaries who are still undecided about their future October 2004 represents a potential threat, but the appropriate strategic response will turn that threat into an opportunity. Our response is based on the fact that regulation will affect both brokers and packagers.
“ The Mortgage Union will provide an excellent vehicle for brokers and intermediaries who wish to enjoy Appointed Representative status, whether they currently work through ECL packagers or not, to join a professional, supportive mortgage network that is perfectly set up to meet the needs of their business.”
ECL, which offers only exclusively branded mortgage products through its widespread geographical distribution network of entrepreneurial intermediary businesses, has invested continually in service levels and member support products.
