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John Rice

The heat that has been generated over the past few months about the treatment of packagers and intermediaries by lenders has already been well documented. The stories of products being pulled at short notice and even lenders exiting the market without honouring pipeline or procuration fees have grown with every telling. But do the individuals within these organisations deliberately seek to cause mayhem? I know most of them well and I think not.

Of course it has inconvenienced many and has caused hardship and concern for clients and intermediary alike, but the fact is that if we start to look at this with a little more detachment, it has to be said that in the context in which these actions took place, we can perhaps be a little more charitable.

This has been a new experience for us all, lenders included. These are extraordinary times. It has brought home to many of us, probably for the first time, that the market for cheap and plentiful money which has flowed in ever increasing volumes is not and never was impervious to dramatic change. The violence of that change has taken all of us by surprise, including the very lenders whose business has seen one long period of expansion for over ten years now.

With that in mind, I think it is important that rather than continue to throw the toys out of the pram about the actions of lenders who were clearly in as much of a panic as the rest of us, we need to be looking forward and working with them to come up with practical ways in which tranches of funds made available to the intermediary can be better controlled and allocated to everyone’s benefit

Now, more than ever, we need to work together.

At RAMP, we are working with all our lenders to build a proper system and the only way we can do that is by looking forward rather than backwards. All of us have a stake in making sure that the mortgage delivery system works and when liquidity returns, which it will, we need to be ready to take advantage.


Most readers doubt value of packager code

Some 63% of Mortgage Strategy Online readers doubt that a code of conduct for packagers will help them improve their service to brokers. Just 37% think it would be beneficial. This week, Mortgage Strategy asks: “Do you support the recent proposal for an industry-funded compulsory insurance plan to help borrowers avoid repossession?” Q: Will a […]

BDS partners with DB Associates

The BDS Mortgage Group’s network arm is partnering with DB Associates to expand its commercial mortgage offering.The partnership enables appointed representatives of BDS access to a comprehensive commercial lending package from DB Associates. ARs will benefit from extra earning potential, assistance with the case from application to completion and dedicated support in all aspects of […]

TFC to offer Kensington prime range

TFC Homeloans will provide brokers with Kensington’s prime range of mortgages.The packager has distributed Kensington’s sub-prime range for many years and has now expanded its proposition to include the lender’s prime offering. Jennifer Wilson, marketing manager at TFC, says: “Just under two weeks ago Kensington announced that it had chosen a panel of key distribution […]

MfB launches white label marketing support

Mortgages for Business has launched a new range of white label marketing support materials.It will allow MfB’s business partners to present information to clients with their own branding and contact details.The materials include an exclusive products brochure, a Keystone Mortgages product sheet and a mortgage best buy table.Nick Blunt, head of business partner development at […]


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