ADMA was formed at the end of 2003 and consists of seven packagers; Active Investments Ltd, Fastcom Ltd, Formula Mortgages Ltd, Residential 1 Ltd, Synergy Mortgages Ltd, Tudor Mortgage and Finance Ltd and Zebra Homeloans Ltd.
The association has also begun running a series of workshops. Both the workshops and the information on the website have been outsourced to Kingsland Consultancy Training and Compliance, run by Karen Monaghan.
Jason Rogerson, director at Residential 1, said: “We felt there was a lack of understanding regarding direct authorisation, which is why we banded together to provide help for intermediaries who want to stay independent.”
He said the website and roadshow costs were being met by the seven members of ADMA who contribute according to the size of their company. He added the organisation would not be seeking members and that no further packagers were being sought to join.
Commenting on the help he received from ADMA, Pritesh Pattani, principal of Hertfordshire-based Victoria Mortgage Solutions, said: “The FSA application process is very complex. The ADMA website and roadshows were useful in guiding us through it, otherwise we would still be filling the application in.”
The website can be accessed on www.admaltd.co.uk.
