News
Mortgage Solutions launches Faster Lender Intermediary Payments campaign
Mortgage Solutions has launched a campaign to urge banks and building societies to pay mortgage brokers promptly for their business after SME brokers voiced frustrations over cash flow headaches.
SME mortgage brokers feel unfairly treated by lenders which take weeks and months to pay them for business.
Research carried out by Mortgage Solutions, revealed over 40 days difference between the maximum payment times of the slowest and fastest payers.
Our Faster Lender Intermediary Payments campaign #FLIP aims to highlight brokers’ irritation over unfair payment delays and the impact this can have on the cash flow of smaller broker businesses. We want lenders to have at least one payment run a week and pay brokers within seven calendar days.
Mortgage Solutions has written to the Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association, to raise awareness of the issue.
If you would like to support the campaign, readers can tweet #FLIP with the news story.
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