-10% regularly use packagers for prime business
-44% occasionally use packagers for prime business
-41% regularly use packagers for sub prime business
-54% occasionally use packagers for sub prime business
The survey reveals that from those who regularly use packagers, Company Reps utilise them the most when submitting prime cases, whilst mortgage brokers are the predominant users for sub–prime business. The availability of exclusive products was sited as the most important factor when choosing to use a packager.
The study showed that 78% of all brokers that currently use packagers say they will continue to use them at the same frequency post regulation, of which 63% agree that packagers should be regulated by the FSA. However, 44% of brokers believe that there will be a place for unregulated ‘pure packagers’ post regulation supporting the 30% of packagers who intend to remain ‘pure packagers’ as revealed in IMLA’s latest packager survey.
John Maltby, IMLA Chairman says, ‘This study emphasises the vital part the packager plays within the industry. It is encouraging to see that 78% of brokers intend to continue to utilise packaging services post regulation.’
This study was taken from a cross section of brokers operating within the mortgage industry. Through the study, IMLA sought to gauge the broker’s attitudes towards packagers, their motivations for using them and their intentions of how they will use packagers post regulation.
