“The business has changed in a fundamental way,” said Gareth Evans, head of corporate affairs at the Royal London Group. “When Scottish Life was an autonomous operation in Leeds and we were considering how the mortgage market was likely to change over time, we realised compliance needed to be a more fundamental driver of the business models.”
Key elements of the new service include compliance, a white-labelled Trigold sourcing system, a packaging service, and ‘panel construction’.
Evans explained: “Panel construction is the independent system we use to review the best deals and lenders in the marketplace by segmenting the products into sectors, for example, first-time buyer or equity release, and then look to recruit lenders to the panel depending on which ones represent the best value to the customer.”
SLM said it is in discussions with a number of broker firms and has already signed up IFA network, Ashley Law, with 150 members and is already outsourcing all its mortgage packaging and panel construction to SLM.
Jock Cassidy, managing director of Ashley Law, commented: “We have selected SLM to provide mortgage services as they offer a high-quality, compliant service with supporting technology that removes much of the administration that is associated with mortgage business.”
