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Optoma increases Abbey proc fee

Optoma is increasing the proc fee for Abbey online submissions to 0.35%.

The company says that this is to support the thousands of brokers who are now unable to claim through the Legal & General mortgage club.

Andrew Seymour, chairman and chief executive at Optoma, says: “Brokers should be rewarded for submitting online as they are saving lenders millions of pounds in resource.

“Optoma has increased the proc fee to reward the broker but also to demonstrate to lenders that brokers will embrace IT if rewarded. After all, this is a commercial world.”


Tenet warns of PII increase

IFA network Tenet Group, parent of mortgage network Lime, is warning that the cost of professional indemnity insurance for mortgage brokers could increase more than many in the industry are predicting. Tenet is basing its view partly on the number of complaints the Financial Ombudsman Service is expecting to receive about mortgage and general insurance […]

Stick to the facts, Richard

From Neal SmithCome on Richard Griffiths. You&#39re obviously a perspicacious chap but your column in last week&#39s Mortgage Strategy (March 29) was blatant tub-thumping! I can forgive you for not including The Whitechurch Mortgage Network in your full network choice offering in the March 22 issue of Mortgage Strategy but please leave mud-slinging attacks on […]

SLB says demutualisation will not affect strategy

Standard Life Bank says plans for its parent, Standard Life, to demutualise in 2006 will have no effect on its current strategy. A strategic review published last week reveals that in order to raise further capital the board was aiming to demutualise and that a proposal would be put to members at the 2006 annual […]

Regulation could boost equity release market

The number of people over 55 who would consider equity release under regulation has doubled in the past year, says Prudential Equity Release. Survey results suggest that 46% of those over 55 who have a mortgage or own their home would be more likely to consider equity release if the market was regulated. Half of […]


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