The new practice means that introducers will be paid six to eight weeks earlier than going to the lender direct. Optoma Managing Director Matthew Bright said:
“Our Mortgage Club members will be sharing in the benefits of processing their business through one single operation. The critical mass that we provide will offer real benefits to our members in terms of cash flow.”
Optoma is planning to develop the club further by launching some exclusive products with mortgage providers and is currently in discussion with a number of mutually owned building societies including The Derbyshire and Norwich and Peterborough.
“Many of the building societies are very easy to work with to design appealing, innovative products for intermediaries. Using Optoma’s distribution base these smaller societies can drive reasonable volume at a low cost, often resulting in good procuration fees for brokers, low rates for applicants and the opportunity to become a member of a mutual.” commented Optoma Chairman, Andrew Seymour.
