It aims to support broker partners working in a highly competitive market
Darlington Intermediaries has announced an increase in its procurement fees to 0.3% for all product transfers and retention products, in an effort to support its broker partners amid heightened service level expectations.
The lender said the introduction of the Financial Conduct Authority’s Consumer Duty has notably extended the time brokers need to process client applications, a challenge compounded by the current competitive and fluctuating interest rate environment.
The procurement fee adjustment from the previous rate of 0.2% to 0.3%, Darlington said, is one of the several ways it is providing its intermediary partners the much-needed support.
Aside from increased proc fees, Darlington has also invested in enhancing the broker experience to save brokers time and align the service speed with that typically found at mainstream lenders.
Key enhancements include the integration of the Iress MSO platform for streamlined mortgage and transfer processing, the introduction of pre-populated applications to reduce errors and speed up application times, and the provision of a dedicated digital business development manager (BDM). This dedicated BDM, described as a first in the industry, allows brokers to discuss applications online, regardless of their location.
“Through ongoing conversations with our broker partners, we know that brokers’ time is tighter than ever at the minute,” said Chris Blewitt (pictured), head of intermediary distribution at Darlington Intermediaries. “Brokers are working in a highly competitive market against a backdrop of changing regulation. This all takes more time to find those perfect-fit mortgages for their clients, and we understand.
“That’s why we have enhanced our procurement fees on all product transfers to 0.3%, recognising our valued broker partners’ time. It’s important to reflect on and appreciate the hard work that goes into finding people their dream homes, and the best mortgage for their circumstances and requirements.”
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