Attended by PMPA member mortgage distributors and 18 of its lenders, the event allowed each member and lender to have a one-to-one discussion to promote greater awareness and understanding of each other’s needs in the current marketplace.
“A common denominator for all of us is that we are currently witnessing the most challenging times in our industry since the late eighties and early nineties," said Helen Hymos, PMPA’s lender relationship manager.
"This current crisis is very different from those times and is particularly affecting the niche areas of the market place that have become especially important for packagers i.e. non-conforming, self-cert and BTL.
"The event has created an opportunity for members to understand the lenders issues and to understand why they have withdrawn from some asset categories and tightened their criteria.
"Issues, now, are not just about the credit crunch but also about the areas of the market place where the FSA is driving for changes and putting pressure upon lenders such as TCF and self-cert lending.
"It has also given members the opportunity to discuss any issues or problems that they may have with specific lenders in order to overcome them, build, and go forward with more lenders."
Chris Potts, managing director of Platinum Lending – PMPA’s latest member - said “The ability to attract so many lenders and create the opportunity for us to have one-to-ones with their senior people shows how the power of a packager association such as PMPA can benefit both its members and lenders.
"There was a lot of positive thinking and lenders were keen to show their support of the packager sector.”
Steve Field, director of Niche Mortgage Solutions added: "As sales director, I spoke to lenders at a strategic level, while members of my sales and underwriting team got to grips with product and criteria changes and lender USPs, so it has been beneficial at all levels.”
Brian McDermott national account manager of TMB said: “This has been a great opportunity to talk to some of our key packager partners. We have been able to brainstorm new market opportunities, as well as to re-affirm our commitment to packagers. We hope that this will be the first of many such events and congratulate PMPA for setting it up."
