Mortgage AR Networks

MortgageMamma

This post is for the attention of mortgage brokers that use this forum

I am an experienced adviser coming back into the industry after a career break to raise a sproglett, and I am looking for recommendations of, and downfalls of specific mortgage networks.

I've worked with Pink (which I loved) and Sesame (which I liked much less) in the past, but wondered if any new networks have sprung up and how the old ones are performing.

If you could take the time to help me out, I'd appreciate your views.

MM

betmunch

I would get in contact with Gary Watts at Which Network and see what he recommends.


From a personal point of view I would not even consider a network that was not Mortgage and Protection specialised, but that's really your call.


Also, you might want to get some advice on www.cherryplc.co.uk

ACG

As you no longer have CAS its probably more a case of finding a network or broker who will take you. I found getting CAS was by far the hardest part.

What do you want from your network? I have been with one of the largest networks and I am now with probably one of the smallest. The current network probably costs me a little more each year but everything has that personal feel, I know everyone in the network and the compliance/admin/paperwork is FARRRR easier. But it does cost me a little more over the year.

MortgageMamma

Thanks for your replies

Firstly, I didn't know about which network so I will speak to them tomorrow. I spoke to Pink Homeloans this afternoon and they told me I'd need a bit of hand holding for a short while and that they will endeavour to find a host company for me.

I've spoken to Charles Derby and they have asked me to submit an application, but its a hefty commission split. Their host network is intrinsic who I know have been around a while but I know nothing of them. It seemed like a good option but I know my earnings will be limited in the first year and I don't know if I would survive on that commission split. And I wouldn't want to be there long term on that basis.

I was happily working alongside Pink Homeloans at one point. What are the advantages of a mortgage only network? I was thinking of training as a full IFA as already part qual'd so perhaps an IFA network would be a better route for me. I need a network that provides good training, excellent software, good compliance but does not micro manage - not going to quibble on the price or size of the network, the relationship side is more important.

betmunch

If you are considering going full IFA then ignore my suggestion of a mortgage and protection specialist network as you'll only need to change if you want to trade as an IFA


I'm not intending to get further qualifications at this stage so wouldn't want the added interference from the IFA side.

MortgageMamma

Thanks Betmunch. I do have my reservations but my last experience was working with sesame who authorise IFAs and MBs. Granted it was in 2008 during the banking crisis and dual pricing, but it was terrible and in my view they were not supportive, the principal of my firm was harassed by compliance and there seemed to be confusions between IFA issues and mortgage compliance which was frustrating. I don't want a network that roots to the very core of your business and has to control every tiny little thing, I'd be employed if I could cope with that level of control

kingstreet

I share ACG's views, as well as the same network, Mortgage Support Network.

Nicest people you could hope to meet in Peter Ransome and Jo Porter the sales and compliance directors respectively. Not the cheapest, but have been top of the satisfaction feedback on Cherry for years as others have come and gone...

You can PM Gary Watts if you are a member of Cherry forum;-

http://www.cherryfind.co.uk/forum/category/details/640

betmunch

MortgageMamma wrote: »

Thanks Betmunch. I do have my reservations but my last experience was working with sesame who authorise IFAs and MBs. Granted it was in 2008 during the banking crisis and dual pricing, but it was terrible and in my view they were not supportive, the principal of my firm was harassed by compliance and there seemed to be confusions between IFA issues and mortgage compliance which was frustrating. I don't want a network that roots to the very core of your business and has to control every tiny little thing, I'd be employed if I could cope with that level of control

We were with Sesame and left them as we felt they weren't supportive enough too, that was 3 years ago.


I didn't find their compliance intrusive though, if anything it was too lax and relied to heavily on the suitability letter when the fact find is more important.


I thought they binned off the IFA side now anyway? I wouldn't go back even though they are mortgage focused now as one of my colleagues has been royally stitched up by them, I wouldn't trust them as far as I could throw them!

MortgageMamma

kingstreet wrote: »

I share ACG's views, as well as the same network, Mortgage Support Network.

Nicest people you could hope to meet in Peter Ransome and Jo Porter the sales and compliance directors respectively. Not the cheapest, but have been top of the satisfaction feedback on Cherry for years as others have come and gone...

You can PM Gary Watts if you are a member of Cherry forum;-

http://www.cherryfind.co.uk/forum/category/details/640

thanks, I'm not a member of cherry, I used to be but I think you have to give your firms fsa number to join, and since I don't have one...

I'm off to take my lad to football practice, but I will contact the Mortgage Support Network tomorrow, I think they had just come about around 2006/7 and I remember their name now you've said it?

MortgageMamma

betmunch wrote: »

We were with Sesame and left them as we felt they weren't supportive enough too, that was 3 years ago.


I didn't find their compliance intrusive though, if anything it was too lax and relied to heavily on the suitability letter when the fact find is more important.


I thought they binned off the IFA side now anyway? I wouldn't go back even though they are mortgage focused now as one of my colleagues has been royally stitched up by them, I wouldn't trust them as far as I could throw them!

I didn't realise they had abandoned their IFA offering, that's not good for all the IFA firms that were with them. They were pretty tough on my principal at the time regarding capital adequacy, and I managed to insult the regional compliance officer on his first visit so we never really "gelled". I think I may have muttered something along the lines of "power hungry, jumped up something or other" in his earshot :rotfl:

betmunch

MortgageMamma wrote: »

I think I may have muttered something along the lines of "power hungry, jumped up something or other" in his earshot :rotfl:

That's nothing compared to some of the stuff I've come out with for ours!


Not for a public forum that's for sure