The service, known as expedite, is believed to be the first of its kind in the packaging industry. Typically a non-TFC accredited intermediary has to wait for payment of its procuration fee for at least four days -– and in many other instances, up to a month.
Initially only intermediaries who use TFC panel law firms will be eligible to use expedite. Introducers who use their own legal representatives will be sent payment once they have submitted a claim. In many cases this could also be on the day that the loan completes.
"We’re delighted to be able to offer our new expedite service to our intermediaries. We believe that this will be of significant benefit to our brokers and IFAs – and that it will also be of wider appeal to introducers we are not currently working with," said Tom Gurrie, national sales manager of The Finance Centre.
"Expedite will benefit well over 50 per cent of our intermediaries straight away – and I’m sure that as the benefits become apparent to all, the overwhelming majority of our introducers will be utilising it."
Jonathan Sadler, igroup’s director of sales and marketing, welcomed TFC’s new initiative.
"The mortgage industry is developing at a rapid rate of knots and the companies that are likely to do well are the ones that are regularly seeking to break new ground," he said. "I’m sure this will be a popular move. Intermediaries like certainty – especially when it comes to financial matters. I’m sure it won’t be too long before this exercise is being copied by other members of the packaging community."
