Mortgage News
TMA launches protection-linked profit share for DAs
TMA, the mortgage club owned by LSL Property Services, has launched a profit share scheme linked to protection sales for its Directly Authorised (DA) brokers.
The scheme, which is available for all businesses that submit up to 50 mortgages per month, will award profit share of up to 100% of the margin retained by TMA on any mortgage business.
The amount of profit share will be calculated on the number of protection cases completed through TMA’s panel.
TMA currently has a protection panel of eight; Ageas, Aviva, Bright Grey, Exeter Family Friendly, Friends Life, LV=, Pru Protect and Zurich.
If a broker completes over 20 protection cases a month they will receive 100% of the gross procuration fee received by TMA, from all mortgage business they place.
A sliding scale is used to calculate the profit share up to the 20 case target as long as a broker places at least four cases a month.
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Larger firms are able to negotiate their profit share separately.
David Copland, spokesman for TMA and director of mortgage services for LSL, said: “The objective of the profit share scheme is to reward loyalty. We believe that the more business an adviser places with their mortgage club, the more they should expect to receive.”