The move, which follows the launch of its online case-tracking and applications system, is aimed at helping brokers use the technology route when using packagers.
Mortgage Choice also believed the fee, in many cases, was larger than if the case was submitted to the lender directly, giving the broker the incentive of using a packager.
Doug Hall, sales director at Mortgage Choice, said: “Intermediaries have been submitting online business to lenders for some time. The solution will allow the intermediary to submit online from our lender panel, in effect providing the intermediary with a generic online application form.
“Due to the reduced administration requirement when an intermediary submits online and the ability of our enhanced technology to pre-populate with lender systems, we can now offer brokers enhanced proc fees that in most instances would be greater than those an intermediary may receive for submitting direct to the lender.”
Technology has long been seen as a way of reducing costs and the ability to offer an enhanced proc fee for online business is one way of increasing its usage among brokers.
Simon Chalk, mortgage planner at Mortgage Portfolio Services, believed packagers were catching up with lenders when it comes to electronic solutions. He said: “There is a distinct trend away from paper applications and there are pluses and minuses about this. Many lenders are getting there with electronic applications but packagers are a bit further behind, for example, in having to re-key data. To offer an enhanced fee is only fair.
“If lenders and packagers are serious about offering a paperless service, they need to have the technology in place. However, if it makes things easy for the brokers, that has to be a good thing.”
