A website is offering brokers the chance to source packagers that offer the best proc fees.
ProcFee.com compares packagers across the residential mortgage, se-cured loans, bridging finance and overseas sectors, allowing brokers to see which channel will give them the highest proc fees, and which packaging firms offer additional perks such as free valuations and legal fees to their clients.
Brokers can also fill in a questionnaire intended to rate packagers’ service levels once deals have been completed. These ratings feed back into the online system as a percentage measure that website users can take into consideration when choosing where to place their business.
The website is funded by advertising and by packagers and lenders paying subscription fees to be listed. So far, some 30 companies have registered with the website, but it says a further 50 have expressed an interest.
Keith Hipkin, managing director of ProcFee.com and proprietor of brokerage Churston Finance and property investment firm Churston Holdings, says: “This website is run for brokers by brokers and is designed to help them maximise the income they generate from deals so that they can pass this value on to their clients.”
Andrew Botte, director of Chase Evans Homeloans, says: “The only problem is that if one packager always comes out top for proc fees, it will end up getting the lion’s share of business and service levels could go down as a result. A service rating would be a good way of tackling this issue.”