Brokers can refer clients to one of Members Mortgages’ team of qualified advisors to meet their mortgage only needs. The broker therefore retains ‘ownership’ of their clients. The company gives a written ‘no cross selling’ guarantee. Brokers will receive 50 per cent of the published procuration fee for cases that complete. Supporting brokers can then choose to become ‘introducers’ when mortgage regulation kicks in on 1st November 2004. Others may use the facility until they gain a mortgage qualification or some may not get their FSA ‘permission’.
Managing Director, Clive Watkins said: “We recognise that many brokers are concerned about mortgage regulation. The Members Mortgages solution is to allow brokers to receive a significant proportion of the procuration fee but without taking responsibility for mortgage advice given to their clients. We will even tell them when their client is being recontacted about their mortgage needs so other financial circumstances can be reviewed”
Profile
Members Mortgages has been in business for over thirteen years and established its packaging division in 2001. It offers its supporting brokers Secured Loans, Compliance, and mortgage marketing assistance plus mortgage packaging for sixteen lenders and a direct submission Mortgage Club. It employs 24 people in central Derby.
