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West Brom opens arm for intermediaries

West Bromwich Building Society is setting up a separate intermediary arm as it looks to boost business from brokers.

West Brom For Intermediaries will be unveiled next week and follows the trend set by Britannia, Portman, Yorkshire and Derbyshire building societies which have all created separate brands for intermediary business.

The lender wrote 968m of intermediary business last year, which represented 75 per cent of its mortgage transactions, but hopes to increase that to 1.5bn of business a year which could see 81 per cent of all income coming via brokers.

West Brom will split all back-office operations so direct and intermediary business go through different processing channels. West Brom Mortgage Company, a non-member organisation that is currently used for portfolio acquisitions, will be the intermediary lender behind the push.

Assistant general manager for intermediary sales Paul Marland says: “We have seen an increasing reliance on intermediaries for business delivery so we need a dedicated intermediary lending arm which will be backed up by an exclusive intermediary product range and moving the website forward. At the moment, parts of the service are mixed between direct and intermediary business but we are going to be more intermediary-focused and draw a line between the two.”

Building Societies Association spokeswoman Rachel Blackmore says: “There will be more of a trend to create differing platforms for different building society business but not all rely on the intermediary channel.”

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