Brokers can choose to have their mortgage cases handled by Connect, allowing them to spend less time on admin and more time on new business and prospecting. Applications are proactively chased by Connect on behalf of the broker, and in most cases, processed within 15 days. Case tracking is provided by Connect, with brokers and clients being kept up to date by email or text message alert - although the clients messages appear as if they've come from the broker. Connect can help improve and maintain client relations, clients receive their mortgage offers more quickly and Club members have more time to write more business.
Ben Thompson, Director of Mortgages at Legal & General said: "Our new service saves brokers having to pull together all the administration needed to submit an application to a lender. This means they can spend more time on what they do best, which is advising and selling. Customers get a better service, as they are kept updated throughout the process. This is yet another way that we are seeking to add value with services around the whole housing transaction and this brings an added level of differentiation as well as increased choice for Club members. "
Connect currently processes for 26 UK lenders, which will jump to 37 with this partnership making it the most comprehensive mortgage panel for Directly Authorised brokers. As part of the partnership, Connect's 600+ members will be transferring to Legal & General Mortgage Club from other distributors. They will benefit from being paid their procuration fees more quickly, as well as accessing a broad range of exclusive mortgage products.
Tony Webster, CEO of Connect Mortgage Group said: "The current mortgage market is brutal and I believe this partnership is exactly what mortgage broker's need; Faster procuration fee payments, market leading exclusive products, no administration and faster mortgage offer production. This partnership will allow brokers to concentrate all their time on writing new business and couldn't have come at a better time".
The application processing and tracking service is one of a range of moves to increase value-added services around the housing transaction for the broker. Legal & General also recently launched a conveyancing service with a panel comprising eConveyancer, MyHomeMove and enact/Live. Advisers can set their own referral fee within certain parameters, to suit their model and individual clients.
