Did i ask you send me money Dr Green ?
No but reply 7 said so.
No it didn't.
You'd best read it again. It's asking us to channel proc fees to a business we don't know on the hope it comes out the other end hence the caution. Same as Dorkos concerns in 5
Plus the fact you could possibly see a drop in income awaiting volumes and uplift rates to kick in. To get enhancements will take quite a while.
I'll let others take the first step and see.
No, you read it again. I have proposed how this will look and how it could possibly be funded. We are talking to an existing mortgage club about a white label proposition so this can go straight to market.
I have 120 brokers contact me. You can ask any of them if i have asked for money. They will say no. The very last thing that will be asked for will be money and it will be the same amount across the board for each individual , held in escrow.
To be fair to them we probably wouldnt want people like you involved. This is about collaboration no band wagon juming.
I'll take this opportunity to close this particular conversation and wish you a merry christmas
You state 'we don't really care how it gets paid' whereas my questions have been about the technicality of how secure this payment will be. You partly answered it with the escrow comment but for us to switch payment route to a business that I've never heard needs an element of trust.
If I switch £15kpm in proc fees, I want to know how it's coming back to me and not the 'don't care' part. That's the bit about money going to you. Now if lenders paid direct, even better
And classy objection handling skillz
Not a good start guys.
I don't think any of us will be silly enough to make a payment to, or channel a fee to, a route where we were not confident that safeguards for the funds are in place.
Since I can use several mortgage clubs at once I have no problem running a few smaller fees through first to trial as I suspect will be the pattern.
This project is a selling jobs at both ends to Lenders and Brokers.
Correct, i dont care how the PROC FEE gets paid. Zero, nada, zilch. All i want is 100% of it paid to the broker that did the leg work. Whether that mechanism is direct to broker or via a club, i really dont care.
I am sorry if you didnt understand that but we dont have time to hold everyones hand at this stage, just garnering interest. Serioulsy, i hope you have a prosperous New Year as well.
Spurs - spot on, you use a club as and when you want sometimes one will be better than the other. Nothing will change. The beauty of this idea is its simplicity which is where i think some people struggle with it.
Send to a friend
