Adapted from the firm’s existing compliance and management information system, the system for networks will provide management information on sales made and the value of the fees charged, as well as other vital information the network will need.
This will allow networks to keep track of any administration fees collected by brokers from their customers.
Furthermore if their ARs are using the debit and credit card payment facilities in Home Buyer and the network takes a split of the fee, this can be done by Home Buyer on receipt of the fee. This means the network gets their money quicker and without the administrative overhead.
Richard Angliss, managing director of Home Buyer Systems, says: “Before we developed CMIS to enable networks to track customer fees, some networks were very reluctant to allow their AR members the systems they needed to recommend direct products.
“Feedback from individual ARs, who had used our free HBSLite trial but were prevented by their network from subscribing, showed us that we must develop the technology to solve the problem.
“We now believe that we have created a win-win situation. With the means to track customer fee payments and collect their percentage of this income, networks should be happy to see their ARs use our whole of market sourcing system and other tools to enable direct-to-lender mortgage sales.
He adds: “ARs can then earn more income, and the resultant prosperity and stability of their businesses will also work ultimately to the benefit of their networks.”