What is an RDI?
We call it Refer Direct Introducer (formally IAR) and it is designed specifically for those who, by necessity, have to provide a mortgage offering but who do not want to actually manage the process themselves. It continues to provide dramatic income potential value to those who are:
a) fully authorised, but who would like to hand off their mortgage business.
b) not qualified in the mortgage sector, but who sometimes come across client opportunities and need to deliver a mortgage solution to them.
c) looking for an exit strategy from the mortgage sector yet would still like an income stream from their current mortgage client bank.

Who qualifies to be an RDI?
We have a large number of fully authorised introducers who prefer to spend their energy in the world of life, pensions and investment. Their option is to pass a case to someone with access to a larger choice of lenders: exclusive products: specialist knowledge in particular sectors of the mortgage industry, and an ability to react quickly or manage large volumes of business when the pressure is on.
Whilst we recognise that this offering is usually of more interest to those not directly authorised under current mortgage regulation, it also offers an additional solution to those AR firms where, given particular circumstances, they are unable to achieve this through their principal company (check your principals contract to ensure that you are not restricted in these circumstances).

How does RDI work?
The AToM motto is ‘Mortgages Made Easy’ and the RDI service has been honed over two decades ensuring that your introduced clients will always have direct access to our fully qualified and competent consultants. Their job is to take initial project details from you and then make contact with the applicant to commence a comprehensive and compliant mortgage process. We assume responsibility for the whole regulatory process. For the sake of clarity, although you can conduct ‘generic’ conversations with the client, you need to be aware that there are limitations in terms of the depth of your involvement in this arrangement. You must not stray into the area of advice or recommendation and this is a mandatory obligation. Whilst the client remains yours for all other transactional matters, we will by necessity, have responsibility for every aspect of the mortgage itself and, specifically, advice and recommendation. In ALL cases, the AToM panel of solicitors must be used for mortgage transactions.

What are the RDI rewards?
The current climate has necessitated a review of our payment terms and therefore, effective from 1st October 2010, the payment structure will become:
a) 40% of the lenders normal recommended procuration fee on regulated mortgage contracts including equity release.
b) 35% of the lenders normal recommended procuration fee on non regulated buy to let, commercial and bridging finance cases.
c) We will pay trail procuration fees in the event that the client conducts any future re-mortgage or purchase transaction through AToM and at the rate of 25% of the lenders normal recommended procuration fee.
d) 5% of the monthly commissions received on general insurance, life and protection assurance from your introductions, paid 3 monthly in arrears.

Are there any fees to join?
There are no membership fees, no monthly fees, no operational, compliance and regulation costs for you to worry about. We will also pay you quickly! Your procuration fee payment will be instructed within 48 hours of the lender procuration fee payment being received at AToM.
We will keep you regularly advised on the progress of each case. In the likely event that you will want to deal with the ancillary areas of Protection and GI, we will actively encourage clients back to you for this purpose unless you tell us otherwise.

Terms and Conditions of Business
In order to ensure a full understanding of our respective regulatory obligations we have prepared a Terms and Conditions of Business Agreement and a copy of this is available to you upon request. It is not onerous and does not commit you to specific business volumes or timescales. It leaves you free to deal with whomever you prefer but we feel it important to identify the terms of our proposition so that there are no surprises. You will be required to own a CCL licence.

What next?
If you would like to discuss the RDI proposition further, or would like to request a copy of the contract, please speak to Vic Jannels on 01403 321704 (vic.jannels@atomltd.co.uk) or any other member of the AToM sales team and we will be delighted to help.

Click here to email Vic Jannels

We look forward to working with you