The new arrangement consists of two tiers - ‘Corporate Partners’ and ‘Lender Partners’, replacing the three-tier model which had been in place since 2005.
Paul Shearman, mortgage proposition director at Openwork, commented on the new panels saying: “The time is right for leading distributors to start working far more closely with the key lenders. Together, it is these organisations that will shape the market going forward. Our intention is to take partnership to a new level within the mortgage distribution sector.”
Openwork’s new Corporate Partners include Barclays / Woolwich, HBOS, Lloyds TSB, Nationwide, Santander (comprising both Abbey and A&L) and Royal Bank of Scotland. These Corporate Partners have committed to working closely with Openwork, and both parties will seek out new ways to drive value up for each other and for clients. Service performance, product development, multiple product penetration, technology integration, funding and TCF / regulation are all key areas for collaboration.
Making up the Lender Partners’ tier are Accord, Astra, Bank of Ireland, Bristol & West, Chelsea, Coventry, First Trust, Leeds, Northern Rock, Platform, Principality, Skipton and Standard Life. These lenders recognise the value of large-scale controlled distribution and have committed to establishing formal business plans, defining KPIs, developing joint management information packs, as well agreeing capacity commitments for the coming 12 months.
