Allowing intermediaries to get paid directly after completion for all direct lender cases, the commission system has been designed to cut down on the time spent by brokers chasing completion fees.
Christopher May, director of The Mortgage Times Group, was certain the site would be popular among brokers. He said: “This is yet another development to our online proposition and one that reinforces our commitment to offer a streamlined process to our intermediaries.
“We are working on a number of different technology-based projects at the moment as I believe companies who have invested in their IT infrastructures are now reaping the rewards by offering bespoke solutions for their brokers.”
Mortgage Times currently pays proc fees on exchange of contract on all non-conforming cases and this recent commission addition has been further designed to save time in completing cases.
Richard Griffiths, managing director of Network Data, welcomed the service but warned it should be implemented correctly. He said: “Anything that speeds up the payment process so brokers get paid quicker must be a good thing.
“However, the question is how does it know when cases are completed because, after the applicant accepts, it goes straight through to the legals. Whether the deal provides real substance is another matter because although it sounds good it may be hard to implement.”
Adele Sharpe, marketing executive at Mortgage Times, confirmed all payments were logged onto an internal computer system with all commission payments fed through this.
Peter O’Donovan, mortgage manager at Bestinvest, was hopeful that the commission option would improve payment speed from the Group: “It will be a good service if they do it,” he said. “I have had to chase payments from the Mortgage Times before.”
