A mortgage network such as Stonebridge, is a company that provides support to mortgage brokers and advisers. The network typically offers a range of services, including:
- Access to a panel of lenders
- Compliance support
- Marketing and training
- Business development
By joining a mortgage network, brokers can benefit from the network’s experience and resources, which can help them to grow their business and provide a better service to their clients.
How does a mortgage network work?
When a mortgage broker joins a network, they become an Appointed Representative (AR) of the network. Essentially this means the network is legally responsible for the broker’s actions.
The network will provide the broker with a compliance manual, which sets out the rules and regulations that they must follow. The network will also monitor the broker’s activities to ensure that they are complying with the rules.
In return for providing these services, the network will charge the broker a fee. The fee structure will vary depending on the network and the level of support that they offer.
What are the benefits of joining a mortgage network?
There are many benefits to joining a mortgage network. These include:
- Access to a panel of lenders: The network will have access to a panel of lenders, which means that the broker will be able to find the best deal for their client.
- Compliance support: The network will provide the broker with compliance support, which can help them to avoid making mistakes that could get them into trouble with the regulator.
- Marketing and training: The network will provide the broker with sales, marketing and training support, which can help them grow their business and improve their skills.
- Business development: The network will help the broker to develop their business by providing them with leads, referrals, and other support.
How to choose a mortgage network
When choosing a mortgage network, there are a few things to keep in mind:
- The size of the network: The larger the network, the more lenders they will have access to, which will give the broker more options for their clients.
- The level of support offered: The network should offer a range of services, including compliance support, marketing support, and training.
- The cost of membership: The fee charged by the network will vary, so it is important to compare the different options.
So, a mortgage network can be a valuable resource for mortgage brokers and advisers.
By joining a network, brokers can benefit from the network’s experience and resources, which can help them grow their business and provide better service to their clients.
For instance, here are some additional things to consider when choosing a mortgage network:
- The network’s reputation: Make sure to do your research and read reviews of the network before you join.
- The network’s culture: Make sure that the network’s culture is a good fit for you and your business.
- The network’s technology: Make sure that the network’s technology is up-to-date and easy to use.