Mortgage club and packager Optoma has been appointed to provide mortgage club services to MGM Assurance’s agents. MGM announced in August that it was looking to extend its mortgage offering to its 120 appointed representative firms. To date MGM’s mortgage desk has been provided through a reciprocal arrangement with network Mortgage Intelligence.
Matthew Bright, managing director of Optoma, said: “We were appointed because of our mortgage processing services and the speed of our packaging and the fact that we pay intermediaries on exchange. Optoma has a whole of market panel comprising 35 lenders. We are particularly pleased as this came after MGM had a thorough look around the market.”
James Loader, marketing manager at MGM Assurance, said: “The nature of this relationship is purely one of Optoma providing a mortgage desk for our agents. Our 120 agent firms equate to about 400 actual selling agents and we are trying to take advantage of opportunities that changes to regulation will bring, in terms of compliance, mortgage sourcing and protection products.”
MGM subsidiary Home Finance indicated at the beginning of this process, in August, that the assurer would not discontinue its reciprocal relationship with Mortgage Intelligence, but said it would not be exclusive.
Loader confirmed that Mortgage Intelligence is still on board as a provider of mortgages to any MGM agents who wish to use the network. “The relationship with Mortgage Intelligence will stand. The new deal is just an extension of services. Our agents will be able to choose between the two services,” he said.
Staff at Mortgage Intelligence were unavailable for comment.