The Professional Mortgage Network is warning intermediaries who are still considering joining a mortgage network to avoid aligning themselves with organisations promising fast-track authorisation and guarantees of authorisation being granted.
Managing director Dale Knight says: "At best, it is irresponsible on the part of the network to paint a picture to a potential member that suggests their AR application is going to be given preferential treatment by the FSA. At worst, it's a case of signing a member up under false pretences. The dividing line between the two is very thin indeed.
"I urge anyone who is interested in joining a network to bide their time and take a hard look at the opportunities available to them. The reality is that no network can bring any influence to bear on the time it takes to process an application for membership.
"Any network that suggests they can fast-track anything is either behaving foolishly or is desperate to achieve a certain level of business."