Mortgage Solutions understands that the lender will make changes with the intention of making its system fairer for brokers at the start of the New Year.
Abbey introduced quality-based proc fees in July, with brokers paid between 35 and 40 bps depending on the quality of business submitted. The existing scale of proc fee will not change at this stage.
At present the lender looks at the performance of mortgages over the past two years to determine broker fees.
But the changes, which are expected to be introduced at the start of 2013, will see each of the Abbey’s metrics given different weightings when calculating the level of proc fees a broker receives.
Quality of submissions, the number of case completions and the speed of responses to queries from the lender will all be directly monitored. These metrics will be the key measures used to calculate proc fees going forward.
A spokesperson for Abbey for Intermediaries told Mortgage Solutions: “We continue to work closely with our intermediary partners to improve quality across the industry.
“We review the business quality of cases submitted by our Key Accounts against a number of key metrics, such as packaging of cases, the conversion rate of applications to offer, and the overall quality of the cases received from that Key Account, and there is no change to our proc fee scale.”
