Optoma has become the latest packager to attempt to turn the tide of negative news on business volumes. The Surrey-based network and packager has revealed it has taken on two new underwriters to deal with a surge in demand during February.
Matthew Bright, managing director of Optoma, said: “Lending volumes are being driven by the support lenders have given Optoma in the creation of exclusives which reflects the needs of brokers, making it easy to sell consumer-focused non-conforming products.”
He said the network had close to 750 cases submitted in February.
“Our product mix is very biased towards non-conforming with about 40 per cent true sub-prime, 30 per cent self-cert or light adverse, 10 per cent buy-to-let and 20 per cent prime,” he added.
Meanwhile, according to the Regulatory Alliance of Mortgage Packagers’ (RAMP) latest quarterly survey, all its members were planning to expand their businesses in 2005.
This follows an announcement that RAMP members had experienced a 27 per cent increase in completions on the same period last year.
John Rice, RAMP’s managing director, said: “One of the key elements has been the universal adoption of individual strategies which have seen members expanding into new areas, combined with the trend for introducers gravitating towards the larger packagers committed to quality and compliance.”
Tony Jones, managing director of Pink Home Loans, said he had noticed a steady increase on volumes. He said: “The figures are improving week by week but it is still too early to say we are in a full blown recovery.”
Godfrey Blight, sales director at GMAC-RFC, commented: “I think the market is flat but that some lenders and packagers are now taking market share off each other.”
He went on to say that while for lenders products and service were paramount, the key for packagers was distribution post-‘Mortgage Day’.”
