West Brom for Intermediaries has confirmed it will be introducing procuration fees for retained residential mortgage business.
Brokers will be paid a fee of 0.2 per cent for product transfers when recommended for their clients, and the implementation is expected by summer 2018.
Richard Scott, head of intermediaries at West Brom for Intermediaries, said: "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 procuration fee recognises the important role that intermediaries play in the advice process at product maturity."
West Brom for Intermediaries is part of the UK's seventh largest building society
There has been a spate of activity on procuration fees in recent weeks, with Santander introducing a minimum fee of £400 where the loan is £25,000 or more last month.
Meanwhile Nationwide has said it will also pay brokers a procuration fee for retention business.
David Hollingworth, communications director at mortgage brokers London & Country, described procuration fees for retention as "the new black".
He said: "They are good for the consumer and the broker, as they recognise the work that brokers need to do."
