The statement was made in response to a growing industry concern over the abilities of networks, clubs and packagers to pay their broker fees as market conditions impacted upon their business.
Mortgage Next's managing director, Gemma Harle, said: “It’s understandable that in these uncertain times brokers do not want to run the risk of valuable proc fees being lost if a distributor is taken into liquidation.
"We make daily BACS payments and will transfer proc fees just as soon as a lender has confirmed that completion has taken place. We also pay life commissions on a daily basis."
She outlined that the backing of parent company Freedom Finance coupled with the stability of its majority shareholder JZ Internation and its regulatory capital requirements, put Mortgage Next in a strong position to weather the storm.
