The lender’s intermediary service has been renamed westbromforintermediaries and is part of the West Bromwich Mortgage Company, a wholly owned subsidiary of the building society.
As part of the launch of westbromforintermediaries, the lender is raising its maximum proc fee for prime buy-to-let business from £1,000 to £2,500 and residential prime business from £1,000 to £1,500.
Paul Marland, assistant general manager, intermediary sales, at West Bromwich BS, said: “The Society has structured the business in this way because it recognises the importance of having a business channel which is specifically dedicated to serving the needs of mortgage intermediaries.
“This is an exciting time for everyone involved in intermediary lending at the West Brom. We have made the important decision to develop a dedicated intermediary channel and I hope brokers like what we have to offer.”
Although West Brom has invested in the technology to create the intermediary website, with brokers able to submit buy-to-let applications and generate key facts illustrations (KFIs), it insisted the personal element of its service wouldn’t suffer.
Marland added: “We know we can’t lose the human element and while technology is important, we will still have underwriters and processors in place to help brokers when they need it.”
Jonathan Burridge, managing director of Quantum Mortgage Brokers, said: “Any lender who creates a service dedicated to supporting the broker has to be applauded. It’s dealing with a demanding animal. If it’s designed to give brokers a better service then it’s a good thing.”
