Latest News Headlines
Commercial Credit News
|Retention proc fees 'building up head of steam', says Paradigm's Coffield|
|Thursday, 30 June 2016|
The growing trend towards lenders’ paying procuration fees to mortgage advisers for retained mortgage business is likely to continue, said John Coffield of Paradigm Mortgages at today’s panel debate which took place at FSE Cardiff.
“The move towards retention procuration fees is building up a head of steam,” said Coffield. “I think we may look back at this in two years’ time and wonder what all the fuss was about. We are certainly past the point of no return with a growing number of lenders paying for this business.”
However, Ian Andrew of Nationwide Building Society – a lender that does not pay proc fees for retention business – said it would not be changing its stance anytime soon. “We don’t have the technology at the moment to do it,” he said. The functionality has not been built.”
When one attendee suggested they could invoice the lender for their retention proc fee, Andrew, responded that, “It’s not as simple as that.”
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197