You are here: Home - News -

New network resolves to

by:
  • 10/02/2003
  • 0
Mortgage brokerage, First Mortgage Options (FMO), has unveiled a mortgage network, offering a range ...

Mortgage brokerage, First Mortgage Options (FMO), has unveiled a mortgage network, offering a range of mortgages, non-regulated life assurers and buildings and contents insurers. The network’s aim is to target those mortgage professionals who wish to remain independent, be directly authorised by the regulator, and to provide a choice of services without any element of compulsion.

The network will offer access to direct and packaged lending panels of 40 companies, plus access to FMO’s one-hour decision in principle service. Membership will be limited to 200 in the first six months, rising to 450 by 2004. A series of roadshows has been organised which starts in Bristol on 18 March.

Mick Clarke, sales and marketing director at FMO, said: ‘To maintain a high level of service and support to our customers we need to control our growth within realistic limits. Our main objective is to attract professional mortgage intermediaries and help them develop their business and take advantage of the technology we can provide. This involves training and support and we recognise we can only provide this to carefully controlled numbers.’

FMO’s uses adapted Trigold software, marketed under the name Optimiser. It has other features, such as case tracking, packaged mortgage administration and integrated conveyancing and general insurance quotations.

Intermediary, Chris Fleetwood, managing director of Paradigm Consulting, said: ‘If we look at what happened when the IFA market was regulated, it would seem by 2004 the need for networks will be established. But are there any benefits that cannot be received from joining a mortgage club? A lot of this is a case of putting down a marker for the future, which is all good, but a one-man band such as myself has to ask: ‘What is in it for me?”


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Network chooses portal for its members

IFA network, The Tenet Group, has selected The Exchange's Officeweb and Exweb portal to be integrate...

Close