70% of loan brokers would be interested in new model

A poll on loan advisors conducted by financial website myintroducer.com has shown that 70% of respondents would favour an ‘out of the box’ model, as a way of enabling them to get a handle on their own loan business. 1,008 advisors took part in the questionnaire and relayed that they would be interested in a new model that would help them branch out into their own debt solutions businesses.

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The question posed; ‘As the loan markets improves, if there was an ‘out of the box’ model to help you set up your own loan/debt solutions business with direct agencies and full support, would that be of interest?’ Found that over half answered in the positive – 52.32%, around a third in the negative – 29.14%, and the remaining respondents were unsure, answering ‘maybe’ – 18.54% of those asked.

Managing Director of Promise Solutions, Steve Walker stated that there were definite benefits to be found with taking such a direction, and felt that it was a realistic goal, saying; ‘this is all achievable due to the systems available today.’ He also added; ‘the key seems to be giving brokers the systems, control and additional income they need to be effective whilst ensuring the lenders have the comfort they want.’ Mr Walker later commented that what was required was a similar style of network solutions for loans and debt solutions, he added; ‘Promise recognises this demand and has already commence planning and discussions to this end with key partners.’

Mr Walker’s comments come only days after Promise Solutions teamed up with packager 3mc to offer access to secured loans, utilising the mortgage broker’s point-of-sale technology. Owner of 3mc, Doug Hall, pointed out the importance of loans as a popular product among their members ‘and indeed [secured loans] form part of a truly TCF offering, however some were put off by a previous lack of products and a perceived lack of compliance around them.’ He went on to say that secured loans had earned a reputation as a sideline product, saying; ‘whilst many clients still have great low SVR deals, many mortgage companies are still taking a dim view of adverse, the self employed and more marginal applications. The need for a secured loan outlet has never been greater.’

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