End-to-end mortgage platform Smartr365 has developed technology which will automatically sync procuration fee claim information on Legal and General (L&G) Mortgage Club’s ClubHub.
This will enable members of L&G Mortgage Club who use the ClubHub platform to be paid faster and aims to improve the efficiency and accuracy of data shared, while reducing the risk of payment errors.
Members will be able to claim their proc fees upon exchange which Smartr365 claims will reduce the need to wait for confirmation from lenders.
By allowing payments upon exchange, this is expected to automate the claiming process and lessen the need for manual input.
This is part of Smartr365’s aim to streamline the mortgage journey by reducing the time brokers spend rekeying and doing other administrative tasks, enabling them to take advantage of L&G Mortgage Club’s early payment feature and lessen discrepancies.
Conor Murphy, CEO and founder of Smartr365, said: “We are thrilled to announce another industry-first development with the launch of automated procuration fee payments for Legal and 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 L&G 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.”
Shekina is the commercial editor at Mortgage Solutions. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
