"I’m pleased that today’s development should help reduce the time taken by brokers to manage their hard-earned fees."
Smartr365 has launched new technology which will automatically sync procuration fee claim information between Smartr365 and Legal & General Mortgage Club’s ClubHub.
The new tool supports quick payments, whilst enhancing the efficiency and accuracy of the data shared, reducing the risk of payment discrepancies.
The service will reduce the time needed to claim procuration fees by automatically prompting L&G Mortgage Club members to claim their fees at the right time in the journey. This allows L&G Mortgage Club to pay without waiting for confirmation from the lenders in question, providing a more efficient payment process. The new technology amplifies the benefits of the Club's 'procuration fee payment upon exchange' offering, by automating the claiming process and reducing the need for manual input.
The feature will serve three core purposes: to reduce the time spent by intermediaries on rekeying and other admin, allow more brokers to take advantage of L&G Mortgage Club’s early payment benefit, and reduce payment discrepancies.
Conor Murphy, CEO and founder of Smartr365, commented: “We are thrilled to announce another industry-first development with the launch of automated procuration fee payments for Legal & General Mortgage Club members. I founded Smartr365 in 2016 to disrupt legacy attitudes and practices, and today’s milestone is another example of our continued commitment to this. Tech tools help to alleviate brokers of time-sapping admin, borrowers of stress-inducing delays, and lenders of disappointing blockages in their business pipelines, so we look forward to building other features to aid all parties.”
Clare Beardmore, director of Legal & General Mortgage Club, added: “Reconciliation is an important but often time-intensive task, so I’m pleased that today’s development should help reduce the time taken by brokers to manage their hard-earned fees. We know how busy our valued members are and remain committed to introducing other time-saving features that give them more time to do what they do best; supporting customers.”
