Brokers will earn 20 share options for each packaged mortgage case and 10 share options for each direct-to-lender mortgage case placed, that subsequently completes.
For the 740 brokers who are already members of Network Data, the share options will be backdated to include all mortgage business written since January 1st 2003.
New members will be able to earn the share options from the date of joining Network Data, provided they eventually become appointed representatives before October 2004.
Network Data has recently launched its “Test drive” recruitment campaign to give brokers an opportunity to try the services on offer before making a commitment to apply for appointed representative status.
Richard Griffiths, Managing Director of Network Data, comments
“We feel it is only right to reward members who have supported us throughout this year.
The launch of our ‘Test drive’ recruitment campaign will enable new members to accumulate the share options from the date of joining, rather than from the date of formal appointment as an AR sometime in 2004.
We anticipate a 1 million shares give-away to our appointed representatives.”