Peter Beaumont, sales & marketing director said: “Mortgages plc has heard anecdotal feedback during recent weeks that some lenders are unnecessarily delaying the payment of procuration fees to intermediaries. Cashflow is critical to intermediaries, regardless of whether the firm is a network, packager or broker, and there are no acceptable reasons why lenders should sit on payments once an application has completed.
“At Mortgages plc we guarantee to pay procuration fees within 24 hours of a mortgage completing, which means funds will clear into the recipients bank account a maximum of 3 days thereafter. Brokers therefore benefit from the certainty this brings to planning their cashflow. Paying procuration fees in a timely fashion is every bit as important as paying competitive proc fees.”
