Over the past two years Mortgage Introducer has received a number of broker complaints about Staffordshire Mortgage Services mainly concerning either late or non-payment of fees or disquiet over the exact nature of their business.
The chameleon-like broker-packager told a Birmingham Midshires BDM two months ago its only business was mortgage broking yet continued to promote itself as a packager on its website www.mortgagepackager.co.uk
Tony Piscopo, associate at Staffordshire Mortgage Services, refused to comment.
However, sources say Staffordshire Mortgage Services maintains it is both a packaging and a placement service that specialises in placing complex or non-conforming cases for brokers.
Brad Baker, spokesman for the MCCB, said: “I can’t comment on individual companies but a packaging firm clearly does not need to be registered.”
Birmingham Midshires’ head of communications Matthew Grayson, said: “We couldn’t find any evidence that Staffordshire Mortgage Services were claiming to package for Birmingham Midshires. But now the situation is black and white. We don’t do business with firms who don’t have an MCCB number.”
A survey of other specialist lenders suggested none had been approached by Staffordshire Mortgage Services within the last seven weeks. All those surveyed including igroup suggested the MCCB’s register disk was a vital safety net for businesses when firms slip off the list. Both GMAC-RFC and Platform - which Staffordshire Mortgage Services named as panel members last year – denied they had ever received business from the firm.
Meanwhile, consumer Michael Sherlock has alleged that Staffordshire Mortgage Services charged him a direct ‘packaging fee’ of £425 in September 2003 for an unknown product, offered no mortgage illustration or receipt and failed to return subsequent calls. On 7 June Sherlock was finally told to put his refund request in writing.
Mortgage Introducer also raised this with Staffordshire Mortgage Services which finally responded: “We thank you for making us aware of this situation and confirm that we have communicated directly with Mr Sherlock in this respect and subject to an early response would expect an early resolution.”
