The Mortgage Compliance & Insurance Club, which launched at the end of last month, is open exclusively to users of the MortgageKeeper CRM service.
Six lenders have already been appointed to the MCI panel including Aldermore Bank, Santander, Nationwide, The Mortgage Works, Leeds Building Society and Skipton Building Society. MCI is in talks with other providers and aims to have between 10 to 15 lenders on its completed panel.
The club offers added benefits including free file checks, free access to the AssuranceKeeper system and free access to portals which allow brokers to use live chat services to interact their customers. MortgageKeeper and AssuranceKeeper technologies help brokers to ensure all cases are submitted in accordance with the required regulations.
Whitehouse, who left TMA in 2012 and has worked as a consult since, says its procuration fees are in line with those paid to established mortgage clubs.
He says:
“The proc fees are as competitive as any other mortgage club. We have price-compared the proc fees we pay to brokers to make sure our members are not disadvantaged and have been skilful in persuading lenders to give us the same fees as an established mortgage club, even though we are a new player on the street.
“We aim to have a comprehensive panel that will match any mortgage club in the market. We will have an exhaustive panel of lenders and within the next week or two we will be launching with other well known, high-street banks.”
Association of Mortgage Intermediaries chief executive Robert Sinclair says: “This shows the resurgence of the mortgage market in the UK. It is good news for the market and as far as I can remember, we haven’t seen the launch of a new club since before the crunch.”
