The word "satellite" implies an entity is dependent upon another and by definition may be a smaller organisation than the lead packager. Satellite packaging should be seen as a partnership and not one firm dependent upon another and as such a firm undertaking packaging should be seen as a "mortgage distributor" and that alone.
Mortgage distributors fall into three differing types of business models including: Packagers that already package, Intermediaries producing volume business and national packagers wishing access to restrictive lender panels.
Packagers that already package have, and will continue to offer the market a personalised service and may well have negotiated lender exclusives. Intermediaries providing volume business could and should demand a greater control on the processing of business generated and national packagers wishing access to restrictive lender panels are looking for service and lenders that they may well not be able to gain access to due to the distribution model of a particular lender.
The national packager should have the infrastructure to offer a solution to all of the above three business models and should base the relationship on a partnership and in return the "mortgage distributor" should expect the following:
• Online application submission
• Online case tracking
• Offers produced on site
• "Plug and Play" packaging software
• Lender credit search facility
• Dedicated packaging team
• Enhanced Mortgage Distributor Fees
• Access to restrictive lender panel such as Victoria Mortgage Funding and Rooftop mortgages
• Panel management service for valuations at reduced cost
This list is not an exhaustive list and should provide the mortgage distributor with a potential list of minimum requirements when looking to establish a partnership with a national packager. Mortgage choice is one such national packager that has developed a "mortgage distributors" programme and can put a tick in all of the above boxes for new and existing partnerships. For further information email Cristi Garrett at [email protected].
