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Misys wants 3,000 IFAs for new loan network

IFA mega-network Misys is aiming to recruit 3,000 mortgage intermediaries to its new mortgage network by the end of the year.

Misys Lending Services, which starts in April, will target the 4,500 members of Countrywide, Kestrel, IFA Network and Financial Options as well as former tied agents and intermediaries who want to enter the mortgage market.

It says it will negotiate exclusive deals offering competitive procuration fees from a panel of 25 lenders, including Halifax, Abbey National, Alliance & Leicester and Nationwide.

The service is being headed by lending services manager Andy Young, who joined Misys in January from Zurich IFA, where he ran its mortgage network.

For £10 a month, individuals can join Misys&#39s Plat-inum Club and have their Mortgage Code Compliance Board subscription paid, get full compliance support, help with marketing and training toward the mortgage advice qualification and the certificate in mortgage advice and practice.

For an extra £10, members will have access to Mortgage Brain quotation software but will be given a refund if they complete two or more mortgages a month.

Misys says the service can be run profitably as it is not a stand-alone company and will make money from taking a share of the procuration fees.

Young says: “The key difference is that we will offer a holistic mortgage service, not just mortgage code compliance, to help members grow their business.

“We will review the model as mortgage regulation is introduced.”

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