Promise launches loan support service
The service, which allows networks to ensure their brokers stay on track, features an end to end sales process whether the broker wants to sell the entire loan himself or refer it.
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
Steve Walker, managing director of Promise Solution, 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.”