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Networkone urges networks to review fee-charging strategies

Networkone is calling on the majority of mortgage networks to review their fee-charging strategies immediately following the decision by Mortgage Intelligence to stop charging membership fees.

Terry Markham, networkone managing director says: “This is a bold step by Mortgage Intelligence. It&#39s a decision that should have a positive impact on their fortunes – and one that could ultimately help a lot of other fee-charging networks to see the folly of their ways.

“Mortgage Intelligence says that fee charging will be suspended until October 31. I expect thereality is that it won&#39t reintroduce membership tariffs but it won&#39t confirm this until later in the day.”

Markham believes that charging upfront membership fees is not in the best interests of an AR member – and has championed the cause of “maximum benefit, minimum risk” mortgage networks.

Markham adds: “I have always believed that potential AR members would not be willing to subscribe to a service that expected them to pay out upfront fees. Now Mortgage Intelligence has changed tack, I expect the majority of the other networks to do likewise.”

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