The addition of LMS, together with existing simple cross selling
features, is set to increase brokers’ incomes by £1000 per sale.
The integration of LMS extends the range of products that can be
accessed through the customised software that Home Finance, the
mortgage services subsidiary of MGM Assurance, has developed
over the past 12 months in co-operation with all of its business
partners.
Stephen Maskens, manager of MGM Home Finance commented:
“We have always been focused on delivering improved earnings
and reduced administration through technology. The addition of
LMS to our business partners now means that a broker can
source the mortgage, select a solicitor, sell life and general insurance
and produce the product confirmation letter without any repeated
data entry.
“We think that used to its full capacity this could improve a brokers
income by up to £1,000 per sale.”
LMS is one of the largest instructors of conveyancing in the UK
mortgage market dealing with, in excess of ,300,000 transactions
annually, enabling over £26 billion of lending.
Tim Sant, Head of Corporate Accounts at LMS said: "We are
absolutely delighted to be working with MGM Home Finance.
The fact that they have chosen our conveyancing and surveys
proposition is a tremendous endorsement of the services we
provide the mortgage intermediary".
Maskens added: “Many mortgage brokers looking for a host,
that we have talked to, claim to be shy of technology but our
experience is that, given training, a broker quickly sees the
advantages.
“As an example, we have seen online life business transactions
rise by 100% in the past 6 months and most brokers now prefer
to access information through our range of free back office
facilities rather than telephone.”
