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Survey shows 55% brokers plan to be directly regulated

Research by the The Mortgage Business shows that 55% of brokers say they plan to become directly regulated while 45% say they aim to become appointed representatives.

The survey was conducted amongst 530 mortgage brokers in the run-up to mortgage regulation kicking off in October 2004.

The questionaire found that 30% are still undecided as to what kind of panel they would like to operate, and of these, just over a third will make their decision by December 31 2003 and 32% will not make a decision until just before October 2004.

Of those who choose to become DR&#39 s and who knew what kind of panel they wanted, almost 60% said that they would operate a whole of market panel of lenders, with just 10% choosing a multi-tie panel.

Those that would like to be appointed representatives were asked what would influence their decision on choice of principal. Fees, compliance, products and existing tie relationships all came out as equally important.

Bill Dudgeon, managing director of TMB, says: “Conducting this research has thrown up some interesting results – compliance would appear to be an issue for brokers probably because it can be time consuming and a lengthy process.

“However, having said that, it is interesting that there is an almost 50/50 split between becoming authorised and appointed.”


Exclusive Connections launches network

Exclusive Connections is to launch a network for intermediaries wishing to become appointed representatives. The Peterborough-based packager will apply to the FSA in January for direct authorisation status for the network, to be named The Mortgage Union. The Mortgage Union will operate as a national brand, supported by EC&#39s network of 35 regional offices, while […]

Mortgage Pro to display sourcing system at Mortgage Expo

Mortgage Pro will be displaying its modular mortgage sourcing and processing system at Homebank&#39s stands at this years Mortgage Expo. Delegates will be able to see how an application is sourced, compliant documentation produced and a fully completed application is sent to the head office module for processing. Homebank Mortgages PLC, which will be recruiting […]

House prices rise over 10% from 2002

The average house price in England and Wales is now £161,665 &#45 over £10% more than a year ago. The Land Registry&#39s third quarter property price report shows that the average price has increased by 10.62% from £146,150 in 2002 to £161,665 in 2003. The report also reveals that the volume of sales has decreased […]

Call to scrap FTB duty wins support

Brokers have backed the Council of Mortgage Lenders&#39 call for Stamp Duty to be abolished for first-time buyers. The CML said last week that such a step would be the best way to help firsttime buyers into the mortgage market, also suggesting a sliding scale so that Stamp Duty thresholds increase in line with house […]


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