The new head of Mortgage Alliance, Phil Whitehouse, plans to double the mortgage club’s distribution to £10bn by the end of 2009.
The club currently places £5bn worth of business with lenders but Whitehouse says it would like to increase this to £7bn by the end of 2008 and £10bn next year.
He says: “We have got the bigger players in our sights, such as Mortgage Intelligence and Pink Home Loans. We have got a bit of catch-up to do but we have got the right ingredients in place to increase business.”
TMA has 6,000 registered brokers and 10 networks that supply it with business. Whitehouse says it has been registering 50 brokers a week since the middle of January.
He says targets are there to be hit but it will not do business at the expense of good quality loans.
Whitehouse says: “We will look to have a range of exclusive products but we will only do maybe three or four exclusives at one time so that the lenders get the value they feel the product deserves.”
He says TMA has plans to improve its ancillary product proposition such as commercial and bridging loans. He says it is in the process of lining up a secured loan deal, outsourcing business to a master broker, which he hopes to reveal in the coming weeks.
Whitehouse says: “The trick is in choosing the right type of organisation with the right business ethics. Even though I want a great commission structure, we also need to bear in mind treating customers fairly.”