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Proc fee payment pledge

Mortgages plc has enhanced its process for payment of procuration fees, saying payments will be dispatched to networks, packagers and brokers within 24 hours of completion.

After dispatch, intermediaries can expect funds to be cleared into their bank accounts within three days.

Mortgages plc is the wholly-owned subsidiary of Merrill Lynch and the initiative coincides with the introduction of a new product range at Merrill Lynch Financial Centre this week.

Mortgages plc sales and marketing director Peter Beaumont says: “Our research has unearthed a large degree of frustration among intermediaries because of lenders who drag their feet when it comes to paying procuration fees.”

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