The Mortgage Operation (TMO) is launching a £1m lead generation programme in a bid to reel in new business for its members and dominate the intermediary market.
Mortgage Solutions revealed in January that the firm was planning to launch its TMOS V6 mortgage sourcing system free of charge to intermediaries.
The move is just part of a £2.5m business plan designed to dominate the intermediary market.
The official launch of TMOS V6 is not until 21 March, but Mortgage Solutions can reveal that TMO is aiming to use the software as bait to up its share of the intermediary market to more than a third by the end of 2000.
It currently has around 7,500 members and some 1,300 have been issued with TMOS software since its launch in 1998.
Paul Marks, TMO executive chairman, said: “When TMOS V6 launches later next month, users will not only be able to source the whole mortgage market but will also receive free marketing support to compete against the ‘marketing muscle’ of the largest financial institutions.
“Some 50% of total mortgage business, around £30bn, is sourced through the 30,000 registered intermediaries in the market. If we can capture a third of the total market then our membership will potentially be sitting on £20bn in mortgages.”
The launch of TMOS V6 is being backed by a £1m direct marketing campaign to consumers, designed not only to generate leads but also to promote public understanding of the mortgage market.
Marks said: “The essence of the campaign is that we do have sympathy with the dilemma the public face when choosing the right mortgage but that they need to be aware and understand what it is they are getting. Going through an intermediary using our software will help to achieve that.”
The knock-on effect of the campaign will raise the public profile of TMO, but Marks insisted it remained committed to the intermediary market.