AToM Sales
IAR Offering
Satellite Packaging
AToM Abroad
AToM Commercial
AToM Secured
AToM Hips
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What is an IAR?
We call it Introducer Appointed Representative and it is designed specifically for those who, by necessity, have to provide a mortgage offering but who do not want to actually manage the process themselves. It continues to provide dramatic income potential value to those who are either:
a) fully authorised, but who would like to hand off their mortgage business or,
b) are not qualified in the mortgage sector, but who regularly come across client opportunities and need to deliver a mortgage solution to them.
How does IAR work?
The AToM motto is ‘Mortgages Made Easy’ and the IAR service has been honed over seventeen years ensuring that your introduced clients will always have direct access to our fully qualified and competent consultants. Their job is to take brief details from you and then make contact with the applicant to commence a comprehensive and compliant mortgage process. Whilst we assume responsibility for the whole regulatory process you are, if you wish, able to complete the mortgage fact find, the mortgage application form and you can conduct ‘generic’ conversations with the client. However, you would need to be aware that there are limitations in terms of the depth of your involvement in this arrangement and, whilst the client remains yours for all other transactional matters, we will by necessity, have responsibility for every aspect of the mortgage itself. That said, once the case has completed, we will not make further contact with the client without your specific instruction.
What are the IAR rewards?
The current climate has necessitated a review of our payment terms and therefore, effective from 1st January 2009, the payment structure will become:
a) 55% of the lenders normal recommended procuration fee on cases with a mortgage value up to £100000.
b) 60% of the lenders normal recommended procuration fee on cases with a mortgage value up to £175000
c) 65% of the lenders normal recommended procuration fee on cases with a mortgage value above £175000.
d) We will also ensure that you are involved at each ‘refresh’ of the mortgage and pay you a similar reward for the transaction, each and every time it occurs and this will also include any client recommendations which may be received and which progress to completion.
e) Procuration fee payments on all Bridging, Secured, Commercial and Lifetime mortgages will be negotiated on a deal by deal basis but we will look to reward at the same levels as above subject to the chosen lenders terms.
Are there any fees to join?
There are no membership fees, no monthly fees, no operational, compliance and regulation costs for you to worry about. We will also pay you quickly too! The procuration fee payment will be instructed within 48 hours of the solicitor confirming to us that legal completion has taken place. That's the only confirmation we need!
We will keep you regularly advised on the progress of each case and it is likely that you will still deal want to deal with the ancillary areas of Protection and GI and we will actively encourage clients back to you for this purpose.
Who qualifies to be an IAR?
Whilst we recognise that this offering is usually of more interest to those not directly authorised to conduct mortgage business under current regulation, it also offers an additional solution to those AR firms where, given particular circumstances, they are unable to achieve this through their principal company (check your principals contract to ensure that you are not unfairly restricted in these circumstances). That said, we have a large number of fully authorised IAR introducers who prefer to spend their energy in the world of life, pensions and investment. The option is to pass a case to someone with access to a larger choice of lenders: exclusive products: specialist knowledge in particular sectors of the mortgage industry and an ability to react quickly or manage large volumes of business when the pressure is on, has proved invaluable.
Terms and Conditions of Business
In order to ensure a full understanding of our respective regulatory obligations we have prepared a Terms and Conditions of Business Agreement and a copy of this is available to you upon request. It is not onerous and does not commit you to specific business volumes or timescales. It leaves you free to deal with whomever you prefer but we feel it important to identify the terms of our proposition so that there are no surprises.
What next?
If you would like to discuss the IAR proposition further, or would like to request a copy of the contract, please call 0845 40 40 240 and speak to our compliance director, Tim Henson, or any other member of the AToM sales team and we will be delighted to help.
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