Networkone is calling on the majority of mortgage networks to review their fee-charging strategies immediately following the decision by Mortgage Intelligence to stop charging membership fees.
Terry Markham, networkone managing director says: “This is a bold step by Mortgage Intelligence. It's a decision that should have a positive impact on their fortunes – and one that could ultimately help a lot of other fee-charging networks to see the folly of their ways.
“Mortgage Intelligence says that fee charging will be suspended until October 31. I expect thereality is that it won't reintroduce membership tariffs but it won't confirm this until later in the day.”
Markham believes that charging upfront membership fees is not in the best interests of an AR member – and has championed the cause of “maximum benefit, minimum risk” mortgage networks.
Markham adds: “I have always believed that potential AR members would not be willing to subscribe to a service that expected them to pay out upfront fees. Now Mortgage Intelligence has changed tack, I expect the majority of the other networks to do likewise.”