AToM guarantees 48 hour payment of proc fees

All Types of Mortgages has guaranteed that it will continue to instruct payment of proc fees within 48 hours of confirmation of legal completion.

Following the recent issues widely covered concerning the non-payment or slow payment of mortgage intermediary fees by some packagers AToM has clarified that it will make twice-weekly BACS payments in order to provide its introducers certainty of procuration fees being confirmed within 48 hours.

Vic Jannels, at chairman, AToM, says: “Importantly, we do not wait for the lender to pay us first and we carry the liability until they do. That we are able to do this demonstrates the strength of our proposition, even in these trying times.

“Supporting brokers need certainty that they are going to get paid. We give them that certainty. We simply seek absolute confirmation that completion has taken place. AToM has always taken pride in our ability to pay fees promptly and the extra BACS payments means that we can continue to deliver to our introducers the funds that they are entitled to in a timely manner.”