John Rice, managing director of the Regulatory Alliance of Mortgage Packagers, has shelved plans for a single packager alliance and is focusing instead on growing its own membership.
Rice had been working with other packagers on the concept of a new larger alliance.
But, Rice has decided to expand RAMP instead, increasing its membership from 10 to 15.
Nick Battersby, compliance director at RAMP is set to leave the association and is in talks with a compliance firm.
Once Battersby has joined the compliance firm, RAMP will then outsource its compliance operations to it.
Rice, says: “No one is immune to the changes taking place in the industry and while we have looked very carefully at the prospect of forming ties with other packager groups, we have decided that the best way forward is to open membership on a selective basis to increase the number of members in RAMP and at the same time cut our operating costs.
“It makes sense not to lose the invaluable expertise of Nick Battersby and his team and in this way by contracting out, we are able to retain that knowledge and skill for the benefit of all our members. We are looking forward to welcoming new members and making sure that RAMP is in a robust state to meet today’s challenges.”