The Mortgage Business Expo will see the launch of a new option for brokers wishing to stay independent after Mortgage Day. The Mortgage Partners (TMP) will be launched as a sister company to Park Row Independent Mortgages, and has the backing of Royal Liver Assurance. It will include services offered by traditional, principal-led firms or networks and allow brokers to cherry pick the services they want.
The firm will be offering a “net-enabled” service, with all processes delivered electronically. Along with mortgage and insurance panels these include lead generation and contact management facilities, electronic sourcing via Trigold, electronic new business submission, and compliance assistance and training.
Lead generation is the cornerstone of the company”s proposition, consisting of a capacity of up to 10,000 leads per month, filtered prior to delivery and backed up by lead generation contact management software.
Kevin Paterson, managing director of TMP, said: “Mortgage brokers have got to start making decisions about how they are going to cope with the changes that will result from the forthcoming changes to the mortgage industry. TMP is unique in offering the best of both worlds – independence and all the benefits of network membership.”
The firm”s standard charge to brokers will be 10% of turnover, deducted monthly from the brokers” commission. Membership will be free and Paterson claims some of the highest procuration fees available plus life commissions paying up to 175% of LAUTRO (equivalent to up to 192% of API).
TMP”s compliance offering is based on Park Row Independent Mortgages”, which is already running a regulation model in anticipation of impending regulation. Member brokers will receive a compliance manual, including all standard documentation, with optional services including phone-based support and training.