Loans Warehouse and Brilliant Solutions were both dramatically removed from Mortgage Advice Bureau’s (MAB) specialist mortgage panel earlier this month.
MAB decided on the move after ‘a comprehensive evaluation’ of its panel partnerships.
An internal email from Paul Whatton, MAB regional manager (South East), seen by Mortgage Soup, said that MAB had “taken into consideration service levels and spread of specialist lending and also considered alignment to our strategic direction”.
The email said: “Mortgage Advice Bureau are committed to maintaining the highest standards in our specialist mortgage partner offerings, ensuring that our partners reflect our values of quality and service, whilst helping you place every possible case.
“As part of our ongoing review and refinement of our specialist panel, we would like to inform you of a recent change. We have made the decision to remove the following partners from our specialist mortgage panel: Brilliant Solutions Ltd; Loans Warehouse Ltd.”
COMPREHENSIVE EVALUATION
It added: “This decision follows a comprehensive evaluation of our panel partnerships. We have taken into consideration service levels and spread of specialist lending and also considered alignment to our strategic direction.
“During the review we found that some first legal charge mortgages that could have been placed with mainstream lenders under your permissions, were referred to our specialist partners instead.
“Although we understand firms and advisers get busy, and sometimes a complicated case feels easier to pass on to a partnership firm, referring such cases significantly reduces the revenue you can generate for yourself and your and your business.”
EXTREMELY ROBUST
It went on to say: “We are very happy that the reduced panel [Fluent, Brightstar and Optimum (non-regulated only)] offer extremely robust and often enhanced solutions across a wide range of specialist mortgage scenarios – including complex income structures, adverse credit, regulated second charge, non- regulated bridging, international and non-standard property types.
“We know that looking stats [sic], that these partners are clearly being chosen by many of you and they will be working closely together and reaching out to talk more about how they can proactively work with you as an adviser and a firm.”
And it added: “We would like to thank both Brilliant and Loans Warehouse for their partnership and wish them the very best for future relationships.”
BRILLIANT FUTURE
Loans Warehouse declined to comment but Matthew Arena, group managing director of Brilliant Solutions, told Mortgage Soup: “We have had a great relationship with their brokers and the network itself but given the size of MAB’s investment in Fluent and in other ventures, MAB’s priorities and strategy has changed in this area.
“We wish them and their brokers the best for the future as we continue to support the brilliant mortgage advice community across the DA and network areas.”
