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New network promises full fees without charges

  • 26/03/2002
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A new mortgage network has launched, targeting intermediaries and IFAs conducting mortgage, general ...

A new mortgage network has launched, targeting intermediaries and IFAs conducting mortgage, general insurance and non-regulated protection business, and pledges to offer full procurations and commission fees without any network charges.

The Domain Network also offers a packaging service with a lending panel of 18 lenders. Bob Scott, managing director of Amity Mortgages and founder member of the Professional Mortgage Packagers Associates (PMPA), believes the network will succeed due to its already established members.

He said: ‘To an extent Domain is new in name only because all divisions have been operating successfully in their respective markets for many years. This sets Domain apart from other recent additions to the network market.’

Domain has two areas of business ‘ a packaging arm and a direct arm. The packaging division will concentrate on providing exclusive products with enhanced procuration fees, while the direct arm will allow direct placing with the lenders on the panel.

However, Scott believes it is not only the procuration fee which equates to a reputable service.

He said: ‘Many networks simply believe increasing procuration fees or offering slightly better rates for clients equates to a level of service, when, in effect, it is truly measured by the support, access experience and technology of all processing and back office systems.’

Homebuyer Systems will provide the sourcing and compliance systems for the network.

Richard Angliss, director of Homebuyer Systems, said: ‘Our systems provide the compliance requirements, including CP98 proposals, placed on our members and also check their adherence.’

Brokers interested in joining the network do not have to adhere to any set criteria and those without financial backing will be offered a training package.

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