Mortgage wholesaler Exclusive Connections will reveal a new network at Mortgage Expo, to act as a principal for intermediaries wishing to become Appointed Representatives (AR).
The Mortgage Union will be a separate company, operating as a national brand supported by Exclusive”s network of regional offices. As well as a packager panel, the network will have a direct submission and general insurance panel.
Patrick Day, managing director of Exclusive Connections, explained: “We are a mortgage wholesaler supplying more than 40 packagers. They have their own customers and going into regulation wanted the ability to take on ARs. However, not all are big enough so we have created one company, of which they are part shareholders, as a network.”
The Mortgage Union will embark on a campaign to expand its AR intermediary numbers after it secures principal status. “We hope to be up and running for application and vetting by February. We are targeting between 300 and 400 ARs,” said Day.
He added: “We will be flexible on costs. Our members rely on packaging for their money and the Mortgage Union is just a means to an end, so we can drive margins down.”
