Advantage offers online incentive

Ramesh Sharma

April 8, 2006

The offer is open to intermediaries who complete a decision-in-principle (DIP) with the non-conforming lender through its online e:valuate service.

Peter Bass, sales director at Advantage Home Loans, said: “We are delighted we can continue to offer the online premium offer for which e:valuate is fast becoming the number one choice for brokers who are researching the non-conforming mortgage market. It is our main goal to ensure brokers receive full value from us and this is reflected in e:valuate, which provides sourcing with simplified processes and on-line procuration fee premiums.”

The online tool offers brokers access to over 2,000 products and DIPs can be converted into applications and sent online to Advantage.

The current offer regarding increased procuration fees means that, for example, a broker can receive an extra £55 to £275 on a loan of £110,000, depending on the product and loan size.

Mike Fitzgerald, sales director of Brentchase Financial Services, said using this kind of incentive to get brokers to work with online systems was good for the industry.

“It’s nice for a lender to pay a bit extra to use their online service and I think it is a good way to encourage more intermediaries into using online services,” he said.

“There are still a lot of brokers who have a phobia of technology so if lenders want to spend a little bit extra to get intermediaries used to working online, it’s going to benefit everyone in the future.”

Fitzgerald added: “I cannot believe that some people do not use electronic systems as for intermediaries, it is a bit quicker. Some mortgage lenders do not even except paper-based applications any more.”

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