BDS says it will guarantee all proc fee payments, thanks to the financial backing of Skipton, the parent company of Pink Home Loans, which has recently bought a majority stake in the firm.
BDS will provide all its directly authorised brokers, satellite packagers and appointed representatives with a guarantee to pay all procuration fees, as they fall due.
Phil Jay, managing director at BDS, says: “We all know the industry is still dealing with the effects of the credit crunch and unfortunately it appears this will take longer than initially expected. It is natural for brokers seeing daily emails regarding the withdrawal of products, changes in criteria and reduced proc fees to be worried about getting paid in full for work completed, however this positive confirmation certainly stands out and gives real assurances to the industry.”
Bob Hope, sales and marketing director at BDS, adds: “Intermediaries are our lifeblood and this guarantee breeds confidence in our members that BDS will continue to add value to their proposition across a plethora of services. By guaranteeing all procuration fees for cases that complete with BDS we are offering security that brokers truly need in the current climate.”
Pink Home Loans is also guaranteeing it proc fees.
Barry Meeks, chief executive of The Pink Home Loans Group, says: “Our customers and appointed representatives can be reassured that, by being ultimately owned by the Skipton, we have the financial strength and capacity to support and guarantee all of our procuration fee obligations.”
Intermediary customers of Pink can request that their commission be paid within 24 hours of the case completing, simply by completing a payment request form, which is available the company’s website along with full details of the 24 hour payment service.
Pink is also offering all their customers a bonus procuration fee of £100 for every packaged case that goes through to completion, further details are again available on the website.