The four companies are Express Mortgage Packagers based in Motherwell, Alternative Mortgages based in Hamilton, If Serve based in Livingston and The Loan and Mortgage Processing Centre in Hillington (formerly the em Financial Scotland office). The Alliance will have an administration office in Central Glasgow where its own staff will be situated alongside on-site underwriters provided by the lender panel that currently includes Kensington, Mortgages plc. SPML, FNMC, Future, Preferred, London & Scottish and TMB with more lenders in the pipeline.
Member organisations within the Mortgage Packagers’ Alliance will manage their own regulatory authorisation and compliance, with the Alliance itself having pure packager status. A packaging software system has been specially constructed for the Alliance by Blue Chip, and will be used by all four members, and both packaging quality and the payment of broker fees will be handled centrally, to ensure speed and security.
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Ian Strickland from Mrtgage Express Packagers and spokesperson for the Mortgage Packagers Alliance, explained the reasons for forming the Alliance, and its future plans. He said: “Mortgage distribution channels are being finalised in readiness for life under regulation, and it is clear that larger packager organisations can offer lenders the size and quality of business they require. As a single organisation, the founder members gain economies of scale while still retaining their independence as businesses. In the next phase of its development the Mortgage Packagers Alliance is aiming for a UK-wide network of Associate packagers, drawn from businesses who are currently packaging to a high standard but are under pressure from lenders because they are not producing enough volume. The Alliance will provide marketing support and other services for Associate members. Negotiations are already underway with potential Associate members, and the Alliance is looking for prospective Associates who are currently completing around £10 million annually and are keen to develop their businesses further and to extend their lender panels”
