By Rachel Williams
The Exchange has joined forces with the newly formed Independent Mortgage Advisers Network (IMA) to offer a software support package for mortgage intermediaries.
The IMA network, launched by the Tenet Group, the parent company of the M&E Network, the Interdependence Network and Adviser Connect, will provide a comprehensive compliance regime to help its members handle ever-growing regulatory issues.
The service will include corporate registration with the MCCB, compliance guidance and support, professional indemnity cover, training for CeMap and CPD, lead generation and a range of exclusive mortgage and ASU products.
Using its link with the Exchange, the network will also be offering an IMA-branded extranet service.
The site will offer all the services that are currently available from the Exchange, including access to hundreds of mortgage products and the functionality to print fully-compliant illustrations and support documents.
David Dalton-Brown, managing director at the Exchange, said: “Our new customised extranet service will allow the Tenet Group to provide a comprehensive IMA-branded extranet service to its members with all the functionality of our own system.”
The deal should act to substantially increase the Exchange’s distribution. Tenet does around £1.4bn in mortgage business a year and the new IMA network will be expected to reach 500 members within the next two months and achieve rapid growth moving forward.
Dalton-Brown added that working with the networks was becoming an increasing part of the Exchange’s overall strategy, which is looking to provide more solutions across the broker chain from sourcing to offer.
He said that while its was keen to further its relationship with networks, the Exchange is not looking to follow in the footsteps of companies such as Misys, which has purchased a number of networks.
“We have a unique set of products and skills and we want to help power solutions for other parts of the mortgage market, but our independent stance is important to us,” he said.
l Mortgage Brain has launched a new electronic mortgage processing service for IFA networks.
Premier Processing Services will guarantee that all mortgage applications will be processed within a specified target time and will ensure that the mortgage offer is issued within 14 days.
As applications are sent electronically, intermediaries will be able to send the application in the evening following a client’s visit, leaving them more time to focus on the additional selling opportunities that the client provides.
Clive Parish, managing director at PPSL, said: “The application will be on the system first thing in the morning, enabling our team to start work on it immediately, which in itself takes two full days off the traditional processing time.”