MLC makes for easier mortgage broker expansion
Mortgage brokers looking to broaden the range of services they offer can now do so in a structured and simple fashion following the launch of a new licensee offer by MLC.
Called Vivid, the program enables mortgage brokers to acquire an authorisation under an MLC licensee so they can offer insurance advice or even investment advice should they choose to.
The progression to offering additional services is achieved through training and support schemes provided by the financial services firm.
MLC head of mortgage broker licensee solutions, Phil Quin-Conroy said: “The whole reason for the creation of this specific offer was off the back of approaches that had been made to us over the last 12 or 18 months.”
“Some of our colleagues in the home side mortgage broker alliance business had been approached by brokers seeking access to MLC for support to offer insurance solutions for their clients so that’s really how this whole opportunity emerged,” he said.
Under the new licensee offer, mortgage brokers will have three training options they can choose to take on.
“We run a two day training course that enables a broker to achieve a minimum requirement to obtain a limited letter of authority to provide advice on debt insurance,” Quin-Conroy said.
“The next level takes around about a week to enable them to obtain a limited authority to advise on a full range of insurance solutions,” he added.
“From there if they want to progress further and do DFS 3 and 4 those courses take about a week each and you can do them face to face or by correspondence as well,” Quin-Conroy explained.
Qualifications already gained by individual brokers on their own through specialist trainers such as Tribeca will be recognised by the new offering.
“It’s probably not for all brokers. It’s probably not a mass market broker solution. What we do is help the brokers determine which model is best for their business,” Quin-Conroy said.
While the facility is in place for mortgage brokers to be trained to issue investment advice MLC expects this step to be taken by anyone in the short-term.
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