Opal Homeloans has developed a new service for mortgage intermediaries, based around the adoption of a small specialist lending panel. Opal Homeloans believed being a member of Freehold would bring a number of benefits, including being part of a united voice and allowing access to other product providers.
Commenting on the relationship, Glen Smith, managing director of Opal Homeloans, said: “We are delighted to be part of Freehold. It is very evident that mortgage packagers and need to have a united voice and being part of Freehold gives us a chance to interact with fellow mortgage distributors as well as benefit from the access to product providers and different relationships which we might not have been able to on our own.”
Paul Brett, director at Freehold, commented: “It is good to welcome Opal Homeloans to our growing membership. We will be a stronger group for its participation. The future for mortgage packagers has never looked so good, but we all face a market which is constantly evolving. Being part of a larger group like Freehold allows regional mortgage distributors to stay in touch with the latest developments and develop the strategies to meet new market challenges with confidence.”
Steve Brockman, director of A2B Mtg Co Ltd, said: “As long as Opal Homeloans has the right database, it may give more choice to intermediaries who use packagers. Most directly authorised (DA) intermediaries will shop around while appointed representatives (ARs) will use their mortgage networks. Unless it is offering something exclusive from its lending panel, this will have little effect on the market. I’ve seen a number of ‘semi’ exclusive products advertised and then discovered several other mortgage packagers have access to them too.”
