Genesis was launched in its present format in 2001 by its directors, Barry Robson and Nigel Gardner. Genesis is an independent company and has developed into a leading branded lender, mortgage packager and mortgage club. The company has recently moved to a new head office near Peterborough, (pictured above) to allow it to accommodate the infrastructure that is needed to prepare for FSA authorisation as a principal.
Q: How is Genesis structured?
A: Genesis has a number of strategic business units. They include Genesis Home Loans, the branded lender, which distributes its products via a national network of packagers. Genesis Mortgage Services is the mortgage packaging operation that also operates a direct-to-lender submission facility and a mortgage club. The company has more than doubled its business volumes over the past 12 months while maintaining high service standards.
Q: What sets you apart from your competitors?
A: Genesis has always sought to provide an added value service to its introducers through exclusive products and paying market-leading procuration fees. The mortgage advisers on the GMS helpdesk are highly trained and committed to assisting brokers with enquiries and following the application through to completion. A broker questionnaire is sent out with every mortgage offer asking them to comment on the various aspects of service received up until offer stage. The responses are fed back to staff and used in training. Genesis is one of the few companies entering the principal arena that has experience of running a network and the infrastructure required. It has also decided that as part of its appointed representative offering, it will have its own compliance department and will not outsource such an important part of an appointed representative offering.
Q: What are the pros and cons of your core product range?
A: The strength of the company offering is the breadth of the products and lenders available – from the branded products available through GHL to the comprehensive panel of lenders available via GMS and Genesis Direct. With FSA regulation looming, Genesis is confident that its propositions for both mortgage packagers and potential ARs will be recognised as among the best. Genesis has been preparing for regulation since early 2003 and has had its management team in place for the compliance and training departments for some time.
Q: What is your distribution strategy?
A: GHL, our branded lending department, distributes through a packaging network of more than 50. A key part of our strategy going forward is to have an attractive offering for this distribution, which will allow it to maintain its distribution base and compete with the other networks. In addition, our packaging and direct submission division will shortly be launching an appointed representative proposition to our existing broker supporters.
Q: What services do you offer to intermediaries?
A: We offer a mortgage placement facility, exclusive products, market leading procuration fees and free sourcing software. Our aim is to tailor our services to the needs of individual intermediaries and focus on their requirements, rather than forcing a solution on them. This will be borne out by our proposition for those introducers opting for AR status post-Mortgage Day. Our AR offering will also include compliance support, training, marketing support, lead generation and case tracking.
Q: What impact will regulation have on your business?
A: Regulation presents a great opportunity for us. We already have a strong and loyal packager base, so our challenge will be to develop this network further, providing compliance, training and state-of-the-art IT solutions.
Q: How do you see the intermediary market in two years' time?
A: Brokers will need to be willing to harness technology and change their practices to operate effectively under FSA regulation. Generally, the financial services industry has been good at adapting to new legislation and we expect that it will adapt to the latest challenges as well. There will be consolidation and those networks that deliver what they promise will prosper and will earn the support of the broker market. Advances in technology and compliance regulations will alter the landscape of distribution greatly. We believe Genesis will be at the forefront of industry development.
Thumbs up or thumbs down?
Mike Pett – Financial Centre Services
I have used Genesis for over five years and know the company extremely well. The sales department team is exceptionally helpful. I trust the people I speak to and they understand how I work. Any problems are swiftly resolved. Processing is adequate with just a few blips. Products have always been good, but particularly so over the past nine months; the portfolio is really strong. Genesis' panel of lenders means that a whole of market service is available. As a result, I put over 90% of my business through Genesis.
Guy Batchelor – Platform
We have worked with Genesis for a number of years and have found the consistency in the service it provides intermediaries to be excellent. The quality of its packaging is high and as one of our key introducers, we have built a sound and solid relationship. As a result of this long and successful partnership, Genesis has become one of our branded lenders and since we firmly believe that branded lending has a healthy future ahead of it, we look forward to working with Genesis for many years to come.
Beverly Morris – GMAC-RFC
Genesis Home Loans has become one of our key business partners with which we have established a good relationship over a long period of time. We have seen the company expand rapidly, but in a controlled, well thought out way. Its success can be largely attributed to its staff who are approachable, organised and professional, making them easy to deal with on a daily basis. Genesis is customer focussed, providing an excellent service to its members through the remote processing system that we have set up together.