John Mawdsley, director of The Mortgage Partnership, Ian Nelson, chairman of BDS and Andy Linnett, director of LMS Specialist Mortgage Services, have revealed the Professional Mortgage Packagers Alliance is reforming.
Following detailed discussions with all concerned parties it has been agreed that the PMPA will be reconstituted with several changes to its constitution.
Members now have equal equity stakes in the organisation and equal voting rights, and it will be run by a management board with regular rotation of members and chairman.
The revised alliance will be based upon the principle of not for profit and all surplus profits will be reinvested for the promotion of the association and delivery of added value services.
The combined purchasing power of the group will be used to deliver products to the intermediary market that offer exceptional value and quality of service
Mawdsley and Nelson, spokesmen for the PMPA, says: We are delighted the reforms to the structure of the PMPA have received the unanimous support of the membership.
“The newly constituted body will more closely bring together a group of 22 mortgage professionals who wish to be the byword for the highest standards of integrity, service, and transparency in the packaging industry.