Mortgage Intelligence has announced that it is offering mortgage intermediaries the opportunity to join its network free of membership fees until October 31 2004.
This offer applies to both its Spirit solution for appointed representatives and Vantage for directly authorised intermediaries and will also include a free, face-to-face compliance health check for all new Vantage members. Spirit members will automatically receive full compliance support under Mortgage Intelligence's regulatory responsibility. MI will also continue to offer Spirit and Vantage members the sourcing system of their choice (Mortgage Brain or Trigold) free of charge.
This decision, which is based on intermediary feedback, has been taken for two reasons. Firstly, it reflects the fact that Mortgage intelligence believes that there is significant demand from intermediaries for the various network propositions but that they say they are delaying making a commitment to any network on financial grounds. Secondly, Mortgage Intelligence is keen to manage demand from intermediaries for their proposition in order to maintain service levels and wants to encourage them to commit early rather than wait until the last minute.
Sally Laker, managing director, says: “We don't believe that networks should expect mortgage intermediaries to pay now for benefits that they don't actually need until FSA regulation comes into force on October 31. This is an important concern that intermediaries have raised with us at various exhibitions and conferences and there is no reason why we can't resolve the issue. We also want to avoid having to deal with large volumes of applications during the build-up to Mortgage Day to ensure a prompt and efficient response and to avoid the risk of intermediaries not being authorised in time. So we want them to commit as soon as possible to stagger the process as much as we can. ”
Laker adds: “The Manchester Expo seemed to be the turning point. Until then the feedback we had had from intermediaries was that they were still unsure about whether to go down the AR or DA route and undecided about which network best suited their needs. But since then, and given that the application deadline for guaranteed direct FSA registration by October 31 has passed, many seem to have made their minds up one way or the other now. Intermediaries have also told us that even though no minded to approve letters have been issued yet by the FSA to the networks, they are willing to commit to their favoured network but don't see why they should start paying until Mortgage Day.