Just Mortgage Packaging is offering packager indemnity insurance, to offer brokers piece of mind.
The policy, which will be underwritten by Lloyds covers the broker’s procuration fee in the event of circumstances beyond the packager’s or lender’s control meaning that the proc fee is not paid.
Anthony O’Callaghan, director of Just Mortgage Packaging, says: “Even though we are very sound financially we wanted offer our brokers complete peace of mind when dealing with us. By offering indemnity insurance we are demonstrating that we are using every tool available to us to reassure our brokers that we are totally committed to their welfare and security in these troubled times.”
Paul Brett, founder of Freehold and co -creator of the packager insurance, says: “I am absolutely delighted that Just Mortgage Packaging have taken the packager insurance on board. This demonstrates their commitment to the market. We have had a lot of interest in the policy and I feel it is truly a positive way forwards for Just Mortgage Packaging and the packager community in general.”