Speaking at the Mortgage Business Expo, Rob Jupp, managing director of Personal Touch Packaging, insisted that the packager model would survive, but attacked lenders for re-pricing with little notice.
Jupp admitted that there would be some casualties, but suggested that the five key areas included multi-lender cascading, experience and expertise, technology, distribution and confidence in the non-conforming market would keep diligent packagers in business.
Commenting on multi lender cascading, Jupp said: “A minority of brokers only go to one lender because it’s easy. It’s immoral and it is not treating customers fairly, the packager has the ability to assess the whole market.”
Jupp continued: “Packagers have key assets in experience and expertise, and the credit crunch has seen our finest hour. We have got applications through to completion and it has been hellish but for an intermediary to use a packager has been a saving grace.”
Jupp concluded his seminar with a strong stroke of confidence. He said: “It has never been more important for people to use packagers. Those who continue to use us will succeed.
2008 will not be easy, but so far no packagers have gone bust.”
High Nichols, partner at Badbury Berkeley Financial Services, commented: “I would expect the small packagers to struggle, but the larger ones seem to still be busy.”
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