Promise Solutions has launched a service to help networks to deal with secured loans compliantly.
The service features an end to end sales process whether the broker wants to sell the entire loan himself or refer it.
The master broker says networks that sign up to the service will receive:
- A bespoke loan portal with case tracking and multiple submissions options
- Underwriting support to help brokers transact loans in a compliant manner for which ever process they choose
- Free sourcing system with all 20 lenders and integrated compliance
- Online compliance prompts which can be used when the introducer is selling the loan
- Sales prompts to help brokers adjust the loan dependant on client responses (these prompts can be bespoke for each network)
Any points not covered by the broker can be covered by Promise all of which automatically populate a pre or post sale document or a suitability letter. Letters can be tailored for each network. Each quote generates a record of quotation which is automatically available for the brokers’ compliance.
The system also gives point of sale information on each lenders policy such as overpayments, payment holidays and tariff of charges.
The firm said that if brokers prefer to refer the loan for Promise to sell this is also possible using the same procedure within Promise but reflecting in the documentation that Promise has sold the loan. Networks will receive access to a dash board through which they can view new registrations, new enquiries and general activity of their brokers plus retrieve Management Information (MI) as and when needed.
Once brokers are registered to the loan portal they are given a unique log-in so all future business can be tracked to the parent network.
Commissions can be paid direct to the network or can be split, with payments made separately to the Network and broker.
Promise has also developed a similar option for large DA firms to use which will keep their advisers on track when arranging secured loans.
Steve Walker, managing director of Promise Solutions, said: “Because networks have not had principle status for secured loans in the past they have not needed such robust systems and controls. From this June they can apply for principle status but meeting FCA requirements will be impossible without technology of this nature and the expertise to maintain it along side an efficient whole of market packaging service.
“This service allows networks to stay compliant and, more importantly, to ensure their brokers stay compliant when offering what is fast-becoming a mainstream product and, indeed, a sister product to mortgages.
“We are looking to work with a small number of key networks and we believe this proposition can help them to develop a USP in the secured loans market.”
