Mortgage and protection broker, Access Financial Services, has introduced a new administrative service for its brokers.
Access FS claims the service, which has been in a pilot for the past four months, frees up to 70% of a broker’s time with some trebling the amount of mortgage and protection business they write since the scheme has been in place.
The administration team service will help to fill in application forms, to get a successful Decision in Principles (DiP), check each Fact Find is complete, chase customers for supporting information, then review documents ensuring every file is compliant and prepared for signoff. They will also ensure that all documents to be submitted are correct and on file.
Finally, they will draft suitability letters for sign off and then chase lenders, solicitors and estate agents as relevant to ensure that a case gets over the line as quickly and smoothly as possible.
The first broker to trial it increased the number of applications he could take on by 30% in the first two weeks. This has increased steadily so that some brokers on the pilot were writing an increase of three times more business within three months of the scheme starting.
Karl Wilkinson (pictured), CEO of Access FS, said: “We spoke to our brokers to ask them what their biggest inhibitors to writing more business were and what would most help them. Overwhelmingly we heard that the level of administration required, particularly to submit a mortgage case, was taking a huge amount of time and preventing them from seeing the number of clients that they would otherwise be able to. We looked in detail at the key areas that were absorbing the most time and came up with a tailor-made proposition to solve their issues and enable them to see more clients.
“The results even in the first month were better than any of us imagined they would be. We rolled the pilot out to a wider number of brokers and they all found the same. So we are now rolling it out to all of our brokers who want to take it, so they can all benefit.”