Procfee.com has been designed to help brokers search and compare procuration fees, service levels and product features. There is also access to all types of loans including mortgages, secured and unsecured loans, bridging finance and overseas mortgages.
The website allows brokers to instruct solicitors and valuers. An opportunities page is also featured to enable new business contacts and additional revenue.
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As part of the system, the broker enters details about the deal they are looking for and the system returns with a number of products offered by registered providers. The broker can then choose which product is most suitable by comparing procuration fees, service levels and features, such as free valuations.
The broker is then taken directly to the specific website to complete the deal. After this the provider will contact the broker to assess the case.
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Keith Hipkin, managing director of Procfee.com, said: “Procfee.com is a new company aimed at putting the intermediary in control of their business. It allows the broker fast access to deals provided by companies that have made a commitment to offering the best service and rewards. We recommend that the intermediary charges a fee to their client and refunds the highest procuration fee to their client as this avoids any possibility of mis-selling.”
Rob Clifford, chief executive of Mortgageforce, said: “Anything that makes the brokers life easier should be welcomed, though it is very important that products are not just compared by their procuration fees.”
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