Multi-tie mortgage network Home of Choice (HoC) has launched an online system which speeds up recruitment and authorisation of new members.
Designed by Focus Solutions, the electronic package is part of a wider development allowing the network to complete most of its administration operations without the need for paper.
Manjit Rana, director of mortgage solutions at Focus, says HoC asked for electronic recruitment processes because the firm was concerned it would take some time to get people started at the network if new registrations were done by paper-based manual processes.
“If an intermediary decides they like the look of Home of Choice, they can complete the applications to the network and monitor its progress through the gathering of references and credit checks,” says Rana.
“Taking in a new adviser online takes them through the vetting process for new registration up to the Financial Services Authority (FSA) application forms, which have to be done manually because the regulator cannot receive the application electronically.
If, for example,they need six years worth of employment record and there is a gap in that time line, [the system] asks the adviser to explain where they were for that time, and in the process reduces the time it takes to recruit and authorise new advisers,” continues Rana.
Further work has also been completed behind the scenes to develop a full electronic sales support system which supplies product information, manages the regulated sales cycle, as well as handle commission processing.
Additionally, work is still ongoing to set up a complete FSA authorisation process which would allow the firm to submit electronic applications to the regulatory body once it was able to do so.
Keith Baldwin, chief executive of Home of Choice, says the first phase of this online recruitment system was completed in just six weeks and went live in July, so a substantial number of new advisers have already been recruited and are now trading under the network.
“Technology plays a key role in the development of our new mortgage network and we see its application as a key differentiator in enabling us to recruit advisers and support the sales process electronically,” says Baldwin.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].IFAonline
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