The action was taken as a precaution by Sesame to prevent confusion spreading among its mortgage club members.
“More and more lenders have a variety of proc fees,” said, Andy Young, product manager for mortgages at Sesame. “Mortgage Brain only carries one rate. Instead, we have posted all proc fees on our website so intermediaries can reference them,”
Mark Lofthouse, managing director of Mortgage Brain, said: “We are making enhancements and adding more calculators to the system.”
However, he claimed it was up to the corporate involved to ensure the intermediary knew the correct proc fee.
Sesame also has plans to offer appointed representatives and brokers seeking direct authorisation two network options. Mortgage Select will offer higher procuration fees and offer a select panel of lenders. The alternative Mortgage Market network will offer cross-market lenders. Firms will be charged a monthly fee of £50. They will also be charged 8 per cent of turnover if they earn less then £100,000 a year, or five per cent if they earn over that amount.
· Mortgage Brain has agreed a deal to give independent mortgage brokers access to its system in the Republic of Ireland for the first time.
The Independent Mortgage Advisers Federation (IMAF) in the Republic of Ireland has been piloting the software.
