Manchester Building Society is to introduce a mortgage network initiative for mortgage intermediary and professional contacts through a new subsidiary of the Society, Mortgage Broking Services Limited (MBSL).
The new network is designed to assist advisers in rising to the challenges of an increasingly regulated marketplace
The Society’s pricing model will differ markedly from most other networks in offering a “fees free” compliance and PI cover regime for appointed representatives using the Society’s lending panel.
Additional network broking for General Insurance business will be optional, with MBSL taking a percentage of the brokerage commissions to cover its overheads.
In the initial stages, MBSL’s network will be restricted to a maximum of 50 Appointed Representatives during the transition to the new regulatory regime for mortgages. Existing mortgage introducers to the Society will be given an exclusive opportunity to join the network prior to 30 April 2004, although other brokers are invited to pre-register immediately for any places remaining after the 30 April deadline. These will be allocated on a ‘first come first served’ basis.
David Cowie, Chief Executive of Manchester Building Society commented:
“With the introduction of Mortgage Broking Services (MBSL), our focus is to provide a service orientated, one stop solution which enables intermediaries to adopt the regulatory environment smoothly whilst removing much of the onerous administrative process of ensuring FSA compliance.”
We will provide a unique network, offering a compliance and PI regime together with insurance and mortgage packaging services. MBSL is working closely with its lending, legal and valuation panels to provide a service-focused solution, designed to protect and enhance the intermediaries income stream through a period of significant change.
MBS is a wholly owned subsidiary of Manchester Building Society. The Society has an asset base of over £407 million and reported pre-tax profits up 13.5% to £2.8 million as at 31 December 2003. Measured over a five-year period, the Society reported in percentage terms, the largest growth in assets and reserves and the largest decrease in expenses ratio in the building society sector. With over 80% of its new business introduced, the Society has undertaken a major commitment in providing the MBSL solution to its broker intermediaries.
For further information:
Jim Rothnie or Sue Litherland –
Powell Communications 0161 834 9836
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