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Whitechurch loan network offers no-frills compliance deal

Whitechurch Securities is this week setting up a mortgage network offering a no-frills compliance service for mortgage brokers.

The company says 50 of its existing Whitechurch Network members are already on board and 20 will be joining in the near future. Whitechurch has calculated that, on average, these members arrange six to eight mortgages a month, meaning a start-up volume of around 350 mortgages a month, which it says will rise to over 500 once members in the pipe-line become active.

This is Whitechurch&#39s first foray into the mortgage marketplace and the company is taking on new supervisors in anticipation of “big times” ahead.

It expects that in the run-up to regulation in October 2004, it will att-ract a big number of mortgage specialists to its network.

Head of the mortgage compliance team Neal Smith says: “The FSA consultation papers just keep on coming. What with that and difficulties with professional indemnity insurance, it is not surprising that people want to take advantage of our service.

“But I am concerned that a lot of mortgage specialists will leave joining a network until the last minute. I would urge them to make the move sooner.”

Tenet chief executive Simon Hudson says: “It can be difficult to make a network cost-effective without the backing of a large company. However, this is an enormous market and the potential is certainly there for more than one organisation.”

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