The Professional Mortgage Network has signed up 70 appointed representative members within the first eight weeks of its launch.
The Leicester-based network says it is now ahead of target in recruiting a membership of 400 ARs and principals by April 2005.
It says this landmark is further testimony to how attractive prospective members are viewing PMN's added value proposition in the light of significant competition from fee-charging networks.
Since April, when the network was formally unveiled to the intermediary community, PMN has devoted its efforts towards wooing ARs.
The network will now start the second phase of its membership recruitment programme by focussing on intermediaries who are pursuing principal status.
PMN managing director Dale Knight says: “We have been delighted with the response of the market to our overall proposition. We set our stall out to be a cut above the opposition by targeting those intermediaries that put professionalism at the top of their agenda. Our approach is working and high calibre mortgage professionals are the people swelling our ranks. I have every belief that we will meet our targets within a year.”
He adds: “We have decided to bring forward the launch of our principal offering by six weeks because of the impact we have had. This means that as of today we are actively recruiting members who are seeking direct authorisation from the FSA.”
PMN offers principal members a range of benefits including no ongoing costs for those active within the mortgage market who can demonstrate a commitment to setting and maintaining best practice and compliance procedures.
It also provides a guarantee that all lender proc fees and general insurance commissions will be paid directly to AR members by the providers.
Members must pay a one-off joining fee of £399. In addition, they will be expected to offer a notice period of two months if they wish to withdraw from the network at any stage.