View more on these topics

Network Data blames error for payment delays

Network Data has told its appointed representatives it is unable to pay them on a set payment date due to a “recently identified” problem, with no word on when commission will be paid.

An email, seen by Mortgage Strategy and sent to ARs last week, apologised for the delay in commission payments but attributed it to an error that has impacted on payment dates.

The email reads: “As you are already aware, we have been working through the commissions backlog in as structured way as possible and been predicting dates that we are able to release commission to you, based on the processing time.

“We recently identified a problem which meant we were unable to meet the timescales and payment dates previously promised.”

It continues: “As a result we are unable to confirm that your payments will be processed in time for payment on April 3 and because of the backlog we are unable to confidently confirm a new payment date in case we are unable to process in time.”

In the Network Update for March, ARs were told of an incentive scheme promising the top 20 producers for 2009 an exclusive weekend away. Some brokers have questioned such a scheme when there are ARs claiming outstanding commission.

Network Data was unavailable for comment.


Call for Labour to help first-timers

Lord Norman Lamont, the former chancellor who presided over the last recession, has called for first-time buyers to be helped with government loans to spark a revival in the housing market.

The government must guarantee high LTV loans

Some people may accuse me of regurgitating ideas in this column but it’s amazing how frequently I see an idea I’ve mentioned come up as a more serious proposition a few weeks later from a more eminent personage in the industry.

FirstAssist signs white label deal

FirstAssist Insurance Services is to offer white label products including mortgage payment protection insurance through British Insurance.


News and expert analysis straight to your inbox

Sign up