Brokers opt for TFC online system

Brokers have backed mortgage distributor The Finance Centre\'s war on rip-off application fees, with 1,000 signing up for its online TRACK system in two weeks.

The company has now abolished its stepped fee in favour of a flat fee of £199. Other mortgage lenders and distributors have a staggered fee that can be up to as much as £850 depending on property value.

This application fee applies to all brokers registered to use TFC’s TRACK system and covers all costs associated with mortgage application including all referencing and re-type charges.

TRACK enables TFC to pass cost savings onto customers and allows brokers to key in their client information and monitor progress from the enquiry stage through to completion.

It saves response time by providing users with a self-auditing workflow system and automatically asks brokers and underwriters for the information needed to complete applications.

Wayne Smethurst, founding partner of TFC, says: “TRACK has allowed us to pass our savings on to our clients. It shows that mortgage packagers can add value to the mortgage chain”

TFC is planning to expand into Northern Ireland and is scouting round for a Belfast base.