Says Head of Network Martyn Bell: “It is clear that the message is getting through to intermediaries that they will be out of business after October 31st if they do not join a network right away. We are experiencing a lot of last-minute applications.”
The network has introduced a ‘fast track’ online application process for brokers who are in danger of being unable to do business when FSA regulation is introduced at the end of the month. Intermediaries visiting the website on www.pmpnetwork.co.uk can click on a “Decision In Principle” box to have their application actioned straight away.
Professional Mortgage Partnerships promises to produce a response to each application within 48 hours.
Mr Bell added: “We cannot guarantee that all last-minute applicants will clear the FSA hurdles by October 31st, but we can promise to move them through the process at great speed, to ensure that their business moves smoothly into the regulatory regime.
“Applications are being received from brokers who have already been accepted by other networks. Some have found that their network has moved the goalposts on fees and service, and they are looking to us. Others have unfortunately been abandoned when their network has failed. As they have already completed the process, their applications will of course go through even quicker with Professional Mortgage Partnerships.”
