But I was prompted to write after almost suffering a coronary laughing so much at Gerry O’Brien’s comments in the article headlined ‘Market ignores distribution danger at its peril’ (Mortgage Strategy March 16).
OK, so the fact O’Brien runs a network and is looking to increase its distribution power has nothing to do with him basically saying that all directly authorised mortgage brokers are bent and need a network to keep them on the straight and narrow?
I use three mortgage clubs and none of them vetted me before processing business through them.
But what I did have to do was go through a thorough vetting process by the Financial Services Authority to become a DA broker in the first place.
This included reference checks from past employers, credit checks, business planning and capital adequacy proof – all things that the clubs rely on to ensure we are suitable for the business and the fact that we are reading more about brokers being caught surely points to lenders, clubs and the FSA actively weeding out unsuitable brokers.
I don’t write silly business. I’ve done two self-cert cases in two years and one sub-prime case, with an active introducer portfolio introducing both purchase and remortgage business. So I don’t need to involve myself in the less glamorous parts of the market.
I have compliance processes that I am proud of and if the FSA does come knocking at my door in the next few years it will be welcomed in, shown where my files are and made a cup of tea.
My own mortgage is with Skipton which wanted to come down and measure my inside leg, so no dodgy dealings there either.
One of the reasons I left a big company and went out on my own was that I am no longer willing to do the work while letting others take all the profit.
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