In selecting its panel members, Stonebridge Group undertook a wide-ranging review of the leading companies operating in this market and chose The Loans Engine as it offered one of the best overall propositions for its business partner firms and their clients.
The Loans Engine team is already working closely with Stonebridge and its AR firms to ensure they are aware of the options available to them and their clients, and to ensure that a streamlined process which works for all parties is adopted.
Last month The Loans Engine became one of the first second charge specialist finance brokers to receive formal confirmation from the FCA that its application for the permissions necessary to continue broking second charge mortgages on the implementation of the Mortgage Credit Directive (MCD) had been approved.
Ryan McGrath, Chief Executive of The Loans Engine, said:
“To be selected and appointed to Stonebridge’s specialist lending panel is very satisfying for us and is another vote of confidence in our proposition, our commitment to TCF, technology and the skills of our staff. The switchover to this new arrangement has already happened and we have been busy contacting all Stonebridge ARs to ensure they are comfortable with their options, to explain how we can work together and the benefits of partnering with The Loans Engine. We see this as a terrific opportunity to work with a top-quality network and its AR firms who are looking to work with a specialist in its field and be safe in the knowledge they will receive a compliant, TCF-driven service. As we move into 2016 this is fantastic news for both businesses and we hope to announce further relationships and tie-ups in the very near future.”
Paul Nye, Business Partnerships Director at Stonebridge Group, commented:
“The changing regulatory landscape in areas such as second charge lending, meant that last year we undertook a project to identify and appoint a panel of specialist firms to receive introduced leads from the Network ARs. In selecting The Loans Engine, we had a number of key criteria that needed to be met including lender choice and product access, the capacity to support the network nationally, service standards including customer’s best interests and TCF, fee structure, commission levels, reporting systems, IT functionality, and meeting our due diligence requirements. I am delighted to say that The Loans Engine’s proposition excelled across all these and when we included the feedback from our business partners it became clear this was a business which could provide an outstanding service to our AR firms and their clients. The process of working with The Loans Engine has already begun and we believe this will be a long-standing relationship for all concerned.”