After declining to comment on the fees Countrywide earns, Stockton said: “If you have a legacy system for procuration fees, you’re pretty hidebound by that system whereas HSBC will be deploying a new system so they could do all sorts of things.”
He listed product profit splits and trail commission among the options open to the lender.
Stockton added he expected the lender to speedily gain an intermediary market share of 10 to 12%.
“There’s no reason why they shouldn’t become the fifth largest intermediary lender. They’ll quickly get to that.”
Following HSBC’s launch into the intermediary lending market on 2 October exclusively through Countrywide, Stockton also explains which parts of the intermediary market he expects to partner the lender next.
To watch the first part of this two-part video, click HERE.
