Coffield will join Paradigm from Abbey’s mortgage club, The Mortgage Alliance (TMA). Paradigm Mortgage Services will launch in September 2007.
As Head of Paradigm Mortgage Services, Coffield’s role will be to develop the lending and partner proposition to provide the best mortgage terms and services to the membership.
Paradigm Mortgage Services has been established to work in a ‘true partnership’ with both its distributors and lender partners. Paradigm believes a greater collaboration is required between mortgage manufacturing and distribution in order to meet demanding consumer and regulatory needs.
As a result of this partnership approach, Paradigm Mortgage Services will be able to offer market-leading commercial terms and generate incremental and sustainable value for intermediary users. Paradigm Mortgage Services members will share in the capital growth of the business via a discretionary trust and, by joining and using the club, will be building a share in the business.
Bob Hunt, Chief Executive of Paradigm Mortgage Services, commented:
“We are looking forward to welcoming John to Paradigm to head up our exciting Paradigm Mortgage Services mortgage club proposition. For Paradigm to attract a person of John’s calibre to the organisation is a real signal of our intent and adds further depth to our team.
“John will bring a vast amount of experience and is highly respected by both the lender and distributor community. His appointment clearly demonstrates our ongoing commitment to the mortgage community.
“Paradigm Mortgage Services is a unique mortgage club. We recognise that the one-size fits all approach of many mortgage clubs is not relevant in today's regulated and highly competitive market. By working in a collaborative fashion with our lender partners, we will aim to bring a new dimension to the mortgage club market delivering greater benefits to be shared amongst the membership. By operating a restricted panel of lenders, we will be able to deliver enhanced value to all parties while still operating in all the key lending areas.
“At a fundamental level, a ‘paradigm shift’ is required to bring about a change in approach and challenge the existing value chain. The time is now right for a new approach and we believe Paradigm Mortgage Services’ collaborative approach will deliver real added value for all. Timing is everything, and the timing is certainly right for Paradigm Mortgage Services and its mortgage intermediary users.”
