West Brom to start paying retention proc fees

West Brom for Intermediaries is the latest lender to start paying procuration fees to brokers for retained residential mortgage business.

Brokers will be paid a fee of 0.2 per cent for product transfers they recommend to their clients.

However these fees will not be paid until this summer.

This new fee structure comes as the lender upgrades its systems.

The building society says this will deliver enhancements to “support further and streamline the broker experience”.

West Brom head of intermediaries Richard Scott says: “We value the relationships we have with our intermediaries who have contributed significantly to the West Brom successfully developing its residential lending over recent years.

“Product transfers are an ever-growing aspect of the market and paying a proc fee recognises the important role intermediaries play in the advice process at product maturity.”

West Brom is the UK’s seventh largest building society.

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