Becoming directly authorised
By Rachel Lummis, founder and director of Xpress Mortgages
The application process does not have to be lonely
There is so much research to do, and just because you are going directly authorised, it does not mean that you are alone. Absorb the advice on offer by those set up to assist individuals and businesses contemplating the journey from appointed representative to DA and instruct someone to do the application with you.
Day-to-day support is available if required
If I had done my research thoroughly, I would have realised that compliance support packages were available to tailor to my exact needs and were competitively priced. Increased competition in this area has enhanced the quality and choice that is available. The cost for an annual audit visit, regular file checking, Gabriel report assistance, and a CRM system with sourcing and ongoing training were all available at a considerable saving to the fees paid previously, and I get as much support now as I had when I was an AR.
Do the maths!
As a DA, you choose which payment route you use for each lender and you do not have to stick to one mortgage club, and you can go directly to lenders. However, do shop around. It is time-consuming but worth the effort to research your options. Submission routes for DAs have grown to provide more choice. We now spend time ensuring that our route to lender and provider offers the best return and experience for our clients and staff.
It feels as though you have your own business again
We did not become DA to just add value to the business, but it has. Staff joining understand that although we are DA, we are not working alone. We have ongoing training support and access to expertise that can help our firm thrive independently, while remaining compliant.
Keep reviewing your options!
Although making the leap to DA is a big one, it gives you confidence to keep your working partnerships both relevant to your business and profitable.