Snatch fast-commission service grabs brokers

Optoma has launched an accelerated commission service called Snatch available to selected brokers, including MGM members.

Under Snatch Optoma hands the entired proc fee it receives from lenders to brokers on exchange, rather than skimming a share for itself as most clubs do.

It says it has negotiated top fees with a number of lenders such as 0.7% with The One account.

Optoma managing director Matthew Bright says: “We have had a great response to Snatch and have had about 200 cases coming in a week since we launched. We expect to do about 1,000 cases in the first month and will eventually make it available to all club members. It is a kind of factoring service for brokers.”

Optoma takes £10 from each proc fee for administration and makes money by taking a slice of interest on the fee.

It is also launching a franchise operation with the aim of signing three or four packagers who will make its Optoma Interpartners appointed representative service available to their broker base.