The company, which launches next month, will provide mortgage brokers with regulatory cover, training and compliance support in the new regulatory environment which comes into force next year.
To protect brokers against being overwhelmed by the new regulation, MGM Home Finance will use the system developed by Trigold that is unique in linking mortgage sourcing and online compliance:
- The new system integrates with Trigold’s Compliance ShieldTM software, and, in a departure from standard systems, it fully customises the reports it generates. This enables MGM Home Finance to offer brokers a ‘lighter touch’ compliance regime whilst still giving them the robust protection they need.
It also means MGM Home Finance can undertake desk-based monitoring of the broker’s work combined with periodic observation, thus reducing the overall cost of supervision and allowing the broker to retain a high degree of independence.
- To encourage brokers to sell mortgages, life policies, income protection, ASU and buildings and contents insurance as a package, MGM Assurance has used Trigold to create an exclusive link to the underwriting engine of MGM Assurance’s life business.
This enables the broker to complete a mortgage application in the minimum amount of time and make ancillary sales without significant extra effort. It does so by automatically cross-populating applications for life and insurance business with the information collected for mortgage applications.
- The MGM Home Finance system automates the creation of the suitability letter, which can be used to cover a range of products, and can also be populated with the same personalised information as provided on the mortgage application forms.
Says Stephen Maskens, manager of MGM Home Finance: “Our strategy is to make mortgage business as simple to transact as possible and, after looking at the providers in the market, there was really only one sensible choice. Trigold provides us with a bespoke, customised version of their system which helps us deliver a winning proposition to our intermediary customers.
“Over 40 per cent of our mortgage related life business comes to us online and our sourcing system allows our brokers to completely cross-populate information already obtained. In turn, this will enable more cross sales and free up more time for mortgage appointments – a ‘win-win’ for everyone.”
Bill Safran, joint managing director, Trigold, says:
“We have worked closely with MGM Home Finance to customise our system to their exact requirements. They knew exactly what they wanted in order to take as much effort out of the sales process as possible for their advisers, and we were happy to work with them in delivering this. The software offers intelligent compliance prompts throughout the sales process and removes a significant compliance burden from advisers as documents are captured automatically. The last things advisers need is yet another process to remember and this solves the problem.”
“MGM Home Finance didn’t want a software provider that hoped to be ready in time, they wanted a system here and now and ready to go. Trigold is delighted to be able to offer it.”
