Sesame, Openwork and LSL Property Services’ networks, First Complete and Pink Network, say they will continue to offer Abbey for Intermediaries’ fast-track mortgage facility to their members.
Earlier this month, Money Marketing revealed Abbey has banned all Personal Touch Financial Services appointed representatives from using the service due to concerns over the quality of business submissions.
Abbey, Santander’s UK intermediary arm, allows brokers to submit fast-track cases but they must evidence the income when asked or risk being barred from the service.
London & Country, Legal & General Network, Mortgage Intelligence, Mortgage Next and Mortgage Advice Bureau have all opted out of the service, following Abbey’s decision in June to link procuration fees to the quality of business submitted. The decision left some distributors fearing they would receive lower proc fees if they fell foul of Abbey’s fast-track rules.
A Sesame spokesman says the firm “currently has no plans to opt out”.
LSL director of mortgage services David Copland says: “We have chosen not to opt out because it is the lender’s decision if it wants to fast-track our cases or not. We are confident in our processes.”
Openwork mortgage, protection and general insurance director Paul Shearman says: “We have no plans at this point to opt out.”
Enness Private Clients director Hugh Wade-Jones says: “Networks have to be careful because in some cases income is not exactly cut and dry. It would be quite easy to fall foul of the rules.”