Best practice record-keeping is essential for mortgage brokers. The deadline for the FSA’s TCF directive has now passed and it is incumbent upon all intermediaries to ensure “consumers are provided with clear information and kept appropriately informed before, during and after the point of sale.” As a result, FSA and compliance expect to see up-to-date and ongoing records.

IFAs tend to love or hate mortgages. If they love them, they probably realise that the time spent on selling and servicing mortgages is worthwhile - directly and/or through selling other products or services.

I often speak to mortgage brokers who are reluctant to accept that they have to pay for software. They are easily tempted to continue with their paper systems - complemented by using bits of Microsoft Office or taking on some cheap software as a temporary measure.

In conjunction with the Mortgage Business Expo 2004 in Manchester, Plum Software conducted a short attitude survey amongst Mortgage Intermediaries regarding the impact of the forthcoming changes in the regulatory environment. 70 visitors to the show were interviewed, selected randomly during the first day from visitors passing the Plum Exhibition Stand.

Recently more mortgage intermediaries have started to look at automating their whole office using a single software solution. The challenge for them in selecting a system is that most are designed for financial advisers with mortgages added in as an additional feature.