Newpark double dates mortgage groups
Dealer group Newpark Broking Services (NBS) is now offering an alternative mortgage option to its life insurance adviser members.
Tuesday, March 1st 2016, 6:00AM
This is despite NBS being a joint venture between Newpark Financial Services and Mortgage Link.
Newpark managing director Darren Gannon says under the new partnership members can work with The Mortgage Supply Company. Mortgage Supply was formed by David Windler, David Hart and Jenny Campbell.
“We still support our current mortgage offering, in partnership with Mortgage Link, just felt that we needed options for members both current and ones looking to join us, that is available across New Zealand.”
“Newpark supports non-branded and independent advisers which both of these businesses are all about.”
“We're pleased to be able to offer two different mortgage options, which means you can choose which will suit your business model best.”
“Home loans to us is providing a service to members, not a commercial enterprise,” Gannon says.
Under the model insurance advisers complete a referral form about the loan application, submit it to Newpark and Newpark decides which company to send it to.
Once the loan is written the mortgage company on-pays 30% of the commission to the adviser who referred the business. Newpark does not receive any commission from the referrals.
Mortgage Supply chief executive Jenny Campbell says the group is still reasonably small and has recently gone through some changes. Following the changes it now has a branded offering and a white label aggregation service for advisers who want to work under their own brands.
Mortgage Supply already has a partnership with the SHARE group and is talking with other insurance groups, she says.
One of the attractions of the group is that it is about to roll out the new IRESS CRM for mortgage advisers.
Campbell describes this as “a game-changer.”
With the CRM advisers retain ownership of their customer data. “They will no longer required to be handcuffed to a group because of the CRM.”
Mortgage Link managing director Josh Bronkhorst says his company provides support services to the 30-plus advisers in NBS including professional development days, commission payment and other mortgage support services.
"Newpark Financial Services has no vested interest in Mortgage Link, nor does Mortgage Link have any vested interest in Newpark Financial Services or any other agreement and as such Mortgage Link is very comfortable with Newpark entering in to a partnership with Mortgage Supply Company or any other for that matter. During the last 24 months NBS has grown from 10 Advisers to 30-plus Advisers doing good volumes," he says.
"Mortgage Link has however been considering the sale of its 50% shareholding in Newpark Broking Services to focus on growing the Mortgage Link-branded and associated businesses.”
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