The scheme, which is available for all business that submit up to 50 mortgages per month, will award profit share of up to 100% of the margin retained by TMA on any mortgage business. Larger firms are also able to negotiate profit share separately. The amount of profit share will be calculated on the number of protection cases that are also completed through TMA’s panel.
TMA currently has a protection panel of eight leading providers including: Ageas, Aviva, Bright Grey, Exeter Family Friendly, Friends Life, LV=, Pru Protect and Zurich.
Anything over twenty protection cases a month and a broker will receive 100% of the gross procuration fee received by TMA, from all mortgage business they place. There is a sliding scale to receive profit share up to the twenty cases as long as a broker places a minimal amount of at least four cases a month.
David Copland, spokesman for TMA and director of mortgage services for LSL said,
“The objective of the profit share scheme is to reward loyalty. We believe that the more business an adviser places with their mortgage club, the more they should expect to receive.
“TMA has long been known for providing the best rates in the market; we do offer those still but we are now about so much more. This includes providing a whole range of services that a directly authorised adviser might need, including bespoke compliance, a mortgage desk, and specialist packaging.”