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Accord extends procuration fees pilot
Accord Mortgages has announced it is extending its pilot to pay brokers a procuration fee for retained business on residential mortgages.
The scheme – which began last year and has a retention fee of 0.3% – has now been extended to a limited number of additional partners.
The pilot is intended to identify any further improvements needed before the scheme is rolled out to the full broker market.
David Robinson, national intermediary sales manager at Accord, said: “We are committed to helping brokers build meaningful connections with their clients, and this involves recognising the effort they make to ensure borrowers get the right remortgage deal.
“We have decided to extend our pilot to coincide with a significant maturity period coming up which will give us a great opportunity to fine-tune this new initiative and ensure it is fully robust before we make a decision to offer it market wide.”
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