Genesis Approved, the mortgage club of Genesis Home Loans, has reported a successful first year of operation.
Frank Thurlby, head of club operations, says: “Genesis Approved has exceeded all the targets it set at the beginning of the year. Our most important objective was to grow the membership to 400, which was actually achieved in November.”
Thurlby continues: “In 2003, we expect to see a modest increase in membership, but most of our efforts will be focused on developing club products, services and benefits.”
Among some of the developments planned is the expansion of the direct submission panel – which already comprises 15 lenders, including Abbey National, Nationwide and Woolwich.
Genesis plans to launch a lead generating internet site and roll out a menu of compliance services for members.
Thurlby concludes: “If a mortgage club is to be successful in the future, it cannot simply rely on its ability to supply a wide range of products from its panel lenders. It must also provide its members with added value. We believe lead generation, the provision of additional revenue earning opportunities and proactive help with new mortgage regulation will be the keys to success in 2003 and beyond.”