Mortgage Promotions launches an e-mortgagedesk

The service is easy to use, is quick and gets the requests of those registered to use Mortgage Promotions to the underwriters of every lender on the panel of Mortgage Promotions instantaneously. Registered users simply visit the Mortgage Promotions site (www.mortgagepromotions.co.uk ), click on the e-mortgagedesk logo and enter their details and the details of the case they are struggling with. When they hit the send button an email is quickly sent to every underwriter at every lender on the Mortgage Promotions panel (the registered user automatically receives a copy of the email sent to underwriters on their behalf). If a lender can do the case they contact the Mortgage Promotions registered user direct.

Explaining the rational new service Nick Baxter (Mortgage Promotions Director) said, “We are often asked for our help placing difficult or unusual cases. Our competitors usually have a traditional mortgage desk ran by a few of their staff as an appendage to their other roles. There are a couple of problems with this traditional approach. Firstly, these people can’t know the lending criteria of every lender. Additionally, many lenders have a flexible approach to certain cases based on the full case details and what percentage of target they are achieving at the time! Most importantly such a way of working would involve the mortgage desk in the advice process. Mortgage clubs are not regulated by the FSA and as such they must not take part in any aspect of the advice process. Mortgage Promotions had to come up with a better solution from our registered users’ point of view, but we had to keep our minds focused in not undertaking a regulated activity.”

Nick Baxter Continued, “Historically, if a registered user is struggling with a case we have asked them to send us an email and we have forwarded it on to our lender partners. Although, the result has been beneficial to the firm (usually 3 or 4 lenders feel they can do the case and directly contact the registered firm) we have not promoted the service because it has been too labour intensive. As the new service is totally automated we are now able to promote this facility as a real benefit of being registered to use Mortgage Promotions.”

Finally Nick Baxter commented, “This is further proof that a mortgage club can offer every facility (and more) that a Principal can. This is also further proof that it IS possible for firms to stay directly regulated and that there are organisations such as Mortgage Promotions who will do everything possible to support directly regulated firms.

The new service was developed for Mortgage Promotions by their web designers 3rd Light Media – http://www.3rdlightmedia.com/