Northern Rock offers bonus online proc fee

Ramesh Sharma

June 1, 2004

The offering is currently live and will continue until further notice on all mortgage applications submitted online which continue through to completion. The opportunity for the online bonus proc fee excludes ported cases where clients port their existing mortgage product to a new property.

Ron Stout, assistant director of PR at Northern Rock, explained it was constantly striving to enhance its online broker service which was evident most recently by the roll-out of the Northern Rock Online proposition which allows brokers to input data online or offline before submitting a case.

He said: “The proposition has been well-received and brokers have responded positively about the service and its usability. Among the benefits are instant decision, valuations instructed immediately, improved case- tracking and management, an outbound e-mail service to keep brokers up-to-date on the progress of their cases, full pre-population of data between KFI decision-in-principle and full applications, and archiving facilities to support compliance.”

Noel Ranson, sole proprietor at NSR Finance, said: “This appears to be an added incentive to get brokers using the system and away from paper-based applications. The only problem is its system fails to compare with other lenders’ online propositions. It is not the easiest to navigate and it has been made far too complex. We, as brokers, need simple and efficient online systems. Northern Rock’s, at the moment, is neither.”

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