You are here: Home - News -

Family BS starts paying retention procuration fees

by:
  • 27/03/2017
  • 0
Family BS starts paying retention procuration fees
Family Building Society and its legacy National Counties brand start paying retention procuration fees today for product switches and further advances.

The mutual is offering 0.20% for a product switch and 0.25% for a further advance.

Proc fees are payable on the full range of fee-free products.

Cammy Amaira, head of intermediary sales at the Family Building Society, said: “We continue to build strong relationships with our introducing brokers and panels, who play a pivotal role in advising many of our clients, typically the non-standard borrowers who are poorly-served by the big high-street lenders.

“We reviewed matters to determine the appropriate and competitive level of retention fees and have implemented the required system changes. We promised full details by the end of March and this is a promise we have kept.”

Family promises to make payments by cheque or Bacs seven working days after completion on its website.

However, last week industry leaders warned that the battle was not yet over on retention proc fees with the current lender standard of 0.2% being far from satisfactory.

On 1 December last year, all new intermediary and direct mortgage business began being submitted under the Family Building Society brand, not National Counties.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @OTJournalist: “As the reality of April’s tax changes starts to bite, the proportion of deals available to limited companies has grown d…
  • RT @OTJournalist: "Mortgage industry faces a conundrum. It needs to embrace technology to give consumers more choice & efficiency but fears…
  • RT @MtgSearchGo: Buy-to-let product numbers for limited companies doubled in 12 months - #Mortgage Solutions https://t.co/722e3F6YFi via @m
Read previous post:
electronic circuit
Poll: What’s stopping you from updating your CRM system?

A good Customer Relationship Management system can help a mortgage broker keep in regular contact with clients and analyse customer...

Close