Mortgage Network Trouble

[mattjps]

Good afternoon everyone,
I am new here and thought I would see if anyone has been or is in the same position as me. I have been a mortgage broker for the past 4yrs and for the last few months my network has either paid us late , missed cases off the commission run or made errors in the amounts paid to us. We try to speak to accounts at head office and our emails and calls are ignored. When we do finally get through to someone we are told the missing cases will be added to next months pay run or , a portion of the commission is released with the remaining to follow the next month. My gut instinct is that the network is struggling hence why they are holding onto money which doesn't help me as I am the bread winner with a young family. I am now thinking what do I do? do I chance moving to another network at which point my pipeline will be frozen, do I look at going directly authorised?

 

[bodgitt&scarperLTD]

Good afternoon everyone,
I am new here and thought I would see if anyone has been or is in the same position as me. I have been a mortgage broker for the past 4yrs and for the last few months my network has either paid us late , missed cases off the commission run or made errors in the amounts paid to us. We try to speak to accounts at head office and our emails and calls are ignored. When we do finally get through to someone we are told the missing cases will be added to next months pay run or , a portion of the commission is released with the remaining to follow the next month. My gut instinct is that the network is struggling hence why they are holding onto money which doesn't help me as I am the bread winner with a young family. I am now thinking what do I do? do I chance moving to another network at which point my pipeline will be frozen, do I look at going directly authorised?

I'd say your instincts are correct, and they are almost certainly struggling. Morgate applications and approvals are way down, and therefore so is their revenue. Personally I'd be having a conversation behind the scenes with another network to see what they are offering, as well as checking termination of contract terms for your current partners. I'd also consider cutting back on what you put through if you suspect they are on their way down- better to be owed £5k and have spent the time planning your next steps then to keep grafting and be owed £15k when they go under- that'll leave a really bad taste. If they ask, tell them you are sick or on holiday or something, and keep the pressure on for the commission owed.

@tony84 will be along with more actionable advice on the technical side of things.

 

[mattjps]

I'd say your instincts are correct, and they are almost certainly struggling. Morgate applications and approvals are way down, and therefore so is their revenue. Personally I'd be having a conversation behind the scenes with another network to see what they are offering, as well as checking termination of contract terms for your current partners. I'd also consider cutting back on what you put through if you suspect they are on their way down- better to be owed £5k and have spent the time planning your next steps then to keep grafting and be owed £15k when they go under- that'll leave a really bad taste. If they ask, tell them you are sick or on holiday or something, and keep the pressure on for the commission owed.

@tony84 will be along with more actionable advice on the technical side of things.

Thank you much appreciated

 

[tony84]

Have you checked the networks latest accounts? Ive not heard any networks are struggling, but they do tend to keep it quiet until they no longer can and everyone is pulled under.

I dont think you can stop working on the off chance they may go under and besides which if you charge fees presumably the fees get paid to you so would still get something?

I think if a firm YOU are paying, cant pay you on time and in full regardless of whether or not they are struggling, I would be off. Its a sign of how much they think of you. Presumably its not a case that someone in accounts has left and been replaced by someone who is new/a bit useless?

Im DA and I am looking for another broker or 2. If you fancy a chat, feel free to drop me a PM, but I understand you have probably built your own brand in 4 years so may be reluctant.

 

[mattjps]

Hi ,
No your right I cannot just stop working and it certainly isn't a case that someone in accounts has left. I would be keen to speak , my concern is that once my network get wind of me leaving they freeze my pipeline which puts me in an even more vulnerable position than I am already in. You are right though they clearly think very little of me if they persist in acting this way.

 

[tony84]

Its best to try and coincide your leaving with a quiet period. I left my network in January, I handed my notice in during December as business had been dying down since mid november so most of it had gone to offer, I had the fees and my pipeline was down to about £2k in commission which was a figure I was prepared to write off if it came to it.

The network were actually really good and carried on paying me as normal after I left... But that network no longer exists anymore they were bought out/merged with another firm. They are not all bad, but I didnt know how it would play out until I actually handed in my notice.

I will drop you a PM in a minute with my number.

 

[mattjps]

Thanks , I know that the directors / owners will be spiteful and make things really difficult for me that's my gut feeling.

 

[fisicx]

Thanks , I know that the directors / owners will be spiteful and make things really difficult for me that's my gut feeling.

Even more reason to leave