Tenet’s switch to Twenty7Tec gets mixed response
Tenet’s strategic partnership with Twenty7Tec announced today has received a mixed response from ARs in the TenetLime network.
Under the new deal network members are now being offered financial incentives to use Twenty7Tec’s MortgageSource system rather than Mortgage Brain’s sourcing systems, as Mortgage Brain previously had a partnership with Tenet Group.
But financial adviser Sarah Barlow of Sarah Barlow Financial Solutions in Derbyshire isn’t impressed.
She said: “We were not consulted and there’s no mention of being compensated.
“It takes a long time to get familiar with a new system.
“I’ve got the details of two other networks and when I move house switching is something I’ll look at – I don’t feel valued as a Tenet client.”
But Paul Shirlaw, director of Grosvenor House Financial, thinks the change is a good thing.
While he hasn’t used Twenty7Tec before he thinks switching tech provider is a way of evolving by using new features. Indeed, Shirlaw is looking forward to being able to compare equity release and later life mortgages on the same screen, as well as second charge and remortgages.
He said: “I think it’s a good idea. Anything that is better than what we’ve got already, because it is dated, has got to be a good thing.
“This looks to be a company taking an interest in creating a system that is modern in this rapidly changing market and because compliance is rapidly different from five years ago that has got to be an improvement.
“It’s just something new to learn – you’ve got to evolve and you can’t stand still. That’s what’s happened in the last 10 years with mortgage sourcing systems.”
Twenty7Tec first launched MortgageSource in 2014.
A TenetLime spokeswoman said: “You have to look at it in perspective – you are not going to please everybody.
“If they want to stay with the mortgage system they can.
“We see Twenty7Tec as a forward-thinking firm and we think it’s of real benefit to our advisers.
“If they want to take the new system up that’s fine and if they don’t that’s also fine.”
TenetLime advisers are being offered webinars in the next two weeks to get used to the new system.
Meanwhile firms get one free MortgageSource licence free of charge.
Mortgage Brain has been approached for comment.