Twelve staff members are facing redundancy as a result - a 14 per cent reduction of the total staff which Brian Pitt, non executive director at TFC Homeloans has called a "prudent measure."
Pitt continued: "We expect the market will return to some normality next Spring. We will continue to build an efficient service and technology offering to secure our strong position in the sector and take advantage of the opportunities when the market returns.
"We have been developing our service infrastructure over the past year, including the building of the sourcing engine and processing system “Gravity”, supplied by Oppono Ltd."
Indeed, Gravity has captured the attention of over 75 per cent of TFC's brokers. In addition to being broker ‘friendly’ TFC Homeloans is confident that it is the most accurate system available for sourcing non-conforming mortgage products - currently TFC’s DIP turnaround is less than 4 hours.
Pitt continued: “There is now a flight to quality by lenders which will result in lower margins and commissions, however, this new technology enables TFC to be more competitive within a currently difficult marketplace. Gravity will also help us develop stronger links with our lenders and broker customers which means TFC will continue to grow while some other packagers may fail.
"We have also launched our on-line application tool which will help both us and our broker customers to become more efficient and is proof of our commitment to the future of the mortgage market.”
