Both organisations said the move was made to better reflect the role of packagers within the current mortgage market.
Rachel Bancroft, managing director of KGB Packaging, said: “We have evolved so that we do more than just package. We’re not changing our name to KGB Distribution, rather just changing the terminology to more accurately reflect the role we now play.”
AToM made the move following a review of its service proposition, and now describes itself as a ‘wholesale mortgage designer and distributor’.
AToM will offer two lines of business, providing a distribution-only channel for those that want it, while also offering distribution and outsourced administration for firms with different needs.
Richard Hearn, managing director at AToM, said brokers would increasingly be looking for firms that could prove their size, quality of service and the future interests of the organisation.
Hearn said: “The term ‘packager’ no longer accurately reflects the business we undertake. Lenders are seeing their margins squeezed and there is an increased demand for product diversification. This means those wholesale providers who have the expertise can provide a more effective service to both their lender partners and their brokers.”
KGB is also providing SPML and Freedom Lending with on-site underwriters to further enhance its proposition.
Bancroft added: “The ability to offer on-site underwriting facilities will be a key element in successful distribution in future, so we are pleased to add SPML and Freedom underwriters to our growing team of on-site lender facilities.”
Roz Cawood, head of strategic relationships at SPML, said: “KGB is a valued distributor for SPML and we are pleased to provide them with an on-site underwriter, which will help them to enhance the service that they offer to brokers and their customers.”
