Mortgage News
Dudley BS broker-only strategy causes surge in mortgage lending
Dudley Building Society’s mortgage lending increased by 68% year-on-year to £52.2m distributed exclusively through the intermediary sector.
The surge in mortgage business was revealed in its financial report for the year ended 31 March 2015 which also showed a pre-tax profit rise of 60% from £556,000 in 2014 to £887,000 this year.
The society has consolidated its relationships with mortgage distribution partners which provide access to Dudley’s product range for the intermediary community as well as completing a move to a new IT system.
Chief Executive Jeremy Wood said the results demonstrated the validity of moving to an intermediary-only distribution policy.
“…our strategy of intermediary-only lending has borne fruit with a massive increase of 68% in mortgage completions,” said Wood.
“Much thanks goes to our intermediary partners and the whole team at head office who have worked hard together while the new system was brought online and kept the processing running smoothly.”
Episode 6: What’s next for the industry? : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
[article_related_posts]