Sally Laker, Managing Director, Mortgage Intelligence provides the following update on the development of their regulatory proposition:
"When we unveiled our Network proposition last year we decided that we would look for a long term solution. We priced our proposition so that we could deliver all the promises we made, not just initially, but for years to come. Brokers told us that they wanted a quality package which encompassed regulatory, IT and marketing support coupled with access to market leading products and exclusives and that has been our key focus. This decision has paid off and we are delighted to confirm that we should have over 2,400 network members by M-Day, well in excess of targets.
"Our selection process has been rigorous. We are not operating a ‘stack em high’ principle, where numbers are the only important factor, as without sufficient numbers this principal falls apart, leaving everyone high and dry. That is not our style or desire, we have blatantly set out our stall to attract the committed mortgage intermediary who is prepared to supply a business plan, detailed information on their business, and willing to go on a 3 day induction course to ensure that they are confidently compliant. The feedback from our training courses has been excellent, and confirmed that quality brokers want quality service.
"We have always said, in providing 3 solutions, it is not essential that any one of these has larger numbers than the other. Our surprise has been the large take up in the Elan Network, and this of course ensures that our business volumes will be maintained and reflects the importance brokers place on our ability to secure exclusives and market leading products.
"At M-Day, we will have some 78 Appointed Representatives (Spirit), 62 Directly Authorised with support services (Vantage), and 2300 mortgage network members (Elan). Membership is growing daily and we currently have an extensive pipeline, with induction courses booked in November.
"This has exceeded the targets that we originally set and shows that the original financial model that we used over a year ago was spot on. We are excited about the future and feel sure that there will be dissatisfied brokers post M-Day, who may have signed up to a network with easy entry and no guarantees on what it delivered as a compliance package. Sadly, there will be casualties. Commissions will be retained if a broker tries to leave some networks and other networks will simply fold, as is already happening, leaving brokers unable to legally trade. So, my message is clear, if there is small print, read it, if it’s not mentioned, ask.
"At MI there is no small print, what you see is what you get and we will look after our members and endeavour to give them a service that is second to none."
