Mortgage club Scottish Life Mortgages (SLM) has launched a technological solution designed to provide a one stop shop for broker firms and networks.
Triangle Solution is a three level service for mortgage intermediaries and networks which allows them branded access to the facilities offered by the club, including e-trading, packaging and general insurance.
Network + is designed for networks. It allows them to access SLM’s technology and products, including Personal Touch Insurance products. It can be jointly branded and allows networks to tailor a solution that meets their needs. At the time of going to press, one network had signed up and talks were ongoing with a further two.
Steve Scholes, director at SLM, said: ‘Regulation will bring challenges for networks. Some are having bad press at the moment, and if they are creaking now then what will happen in the future? There is the potential for even large companies not to be able to deliver what they are promising in terms of compliance. The FSA will need to look into it and some networks will get pulled up, unless they can ease the pressure.’
The second tier is Sub Net, which is targeted at brokers who have a turnover of less than £1m, and is aimed at brokers who want direct authorisation but may not have the funds to pay for this and all the extra areas they need to service too. The final tier is Challenger which is aimed at smaller firms and individuals. They will be able to use SLM’s operational platforms, but they will not be branded.
Commenting, Andy Frankish, new build manager at franchise network Mortgage Talk, said: ‘I can certainly see the benefits of the final two tiers, because of the much publicised concerns over how smaller firms will cope post-2004. The network option may be good for those who want to carry on as they have been. However, our size means that we have taken the decision to do our own compliance, and it is the largest growth area of the company. There is a threshold and over which you have got to get your own house in order and run things yourself.’