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Darlington BS recognises broker workload with higher PT proc fee

  • 27/02/2024
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Darlington BS recognises broker workload with higher PT proc fee
Darlington Building Society has increased the procuration fee paid to brokers for product transfers and retention products to 0.3 per cent.

This was previously 0.2 per cent, and Darlington Building Society said it was done in recognition of the raised expectations placed on brokers following the introduction of Consumer Duty. 

The mutual said meeting the Consumer Duty requirements took more time, particularly in the current competitive mortgage market. 

Chris Blewitt (pictured), head of intermediary distribution at Darlington Building Society, said: “Through ongoing conversations with our broker partners, we know that brokers’ time is tighter than ever at the minute. Brokers are working in a highly competitive market against a backdrop of changing regulation. This all takes more time to find those perfect-fit mortgages for their clients, and we understand.

“That’s why we have enhanced our procurationfees on all product transfers to 0.3 per cent, recognising our valued broker partners’ time. It’s important to reflect on and appreciate the hard work that goes into finding people their dream homes, and the best mortgage for their circumstances and requirements.” 

He added: “We’re here. We’ve heard, we’re helping.” 

This comes after the mutual’s investment in its technology to further support brokers.

All of its mortgages and product transfers can now be processed through the Iress MSO platform and decisions in principle or full mortgage applications can be pre-populated directly from a broker’s CRM into Darlington Building Society’s system. 

It also has a dedicated digital business development manager (BDM) that can go through an application on-screen at any time. 

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