The nationwide conveyancing firm has now paid more than £4m in referral and broker arrangement fees to intermediaries on the same day as the transaction is completed.
The service, an industry first when it launched three years ago, operates by depositing all relevant fees into a broker’s account at the same time as all other monies are paid, thereby removing the typical waiting time suffered by many brokers.
Simon Miller, head of remortgage at Goldsmith Williams, says the success of the instant fee payment system reflects the level of frustration among the broker community about the delays associated with more traditional payment methods.
Miller said: “For years, brokers were left kicking their heels, waiting to be paid long after a case had completed. This was an established but unnecessary feature of the industry and one that we set out to change.
“The fact that we’ve already surpassed the £4m mark in just under three years demonstrates how our initiative tapped into the needs and frustrations of brokers and other intermediaries to give them the kind of service they wanted.
“We are committed to fluid and efficient relationships with brokers and this system has real synergy with our other incentives, such as GW Live, which allows brokers to track the progress of cases in real time.
“Perhaps the greatest endorsement of our efforts is that a number of competitors are now attempting to launch similar initiatives. Imitation is the greatest form of flattery but we’ve already set our sights on reaching the £10m mark.”
