It becomes a board member of the Fareham-based alliance along with County Group, Solent Mortgage Services, MD Nationwide, The Finance Centre, Vesta Money and IMB.
EM-Financial expects to handle in excess of £600m-worth of mortgage completions during 2004. The packager, which has four centres across the UK, was formerly a member of PMPA.
With EM-Financial on board, RAMP members’ total mortgage completions now exceed the £3bn mark. This accounts for more than one in three of all sub-prime mortgage completions in the UK.
RAMP Managing Director John Rice said: “This makes RAMP an even more dominant force in the sub-prime market. We now represent more than £3bn-worth of mortgage completions per year. And that figure is growing week-by-week as new members join.”
Roger Morris, Managing Director of EM-Financial, said: “I see RAMP as being the future within the mortgage packaging industry. By working together with other packagers, instead of working against them, we will be able to bring all our different strengths together under the umbrella of national distribution.”
John Rice has been meeting with selected lenders during January and will be in a position to announce RAMP’s lender panel in the coming weeks.
Reaction from lenders to the launch of RAMP has been very positive, says Mr Rice.
“A number of things come over loud and clear as a result of the launch of RAMP. Lenders are pleased that we are embracing regulation and see RAMP as an organisation that will genuinely add value to the mortgage sales process. Additionally, they welcome the opportunity to forge a long-term relationship with a major force in mortgage distribution.”
