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Packagers strike back at Bolton

Packagers have dismissed Michael Bolton’s attack on the packager market as a “joke” and say he is talking rubbish.

Speaking exclusively to Mortgage Strategy last week, Bolton said that the packager market was the “clear loser of mortgage regulation” and remains “as grey today as before Mortgage Day”.

But John Mawdsley, joint director of The Mortgage Partnership, says: “I thought it was a joke. Bolton’s talking rubbish and doesn’t understand what packagers do. The packager’s role isn’t grey at all. Packagers play a fantastically valuable role in market and whatever Bolton says, that is not going to change.”

An anonymous source also refuted Bolton’s allegation that lenders and networks have only recently starting checking the accounts of packagers they use.

The source says: “As a packager, we’ve been providing financial due diligence for three years, going right back to before Mortgage Day – and that includes all the major networks we deal with.”

In response to the accusations that he has misunderstood packagers, Bolton says: “Clearly there is a role for packagers in the mortgage market for those brokers who don’t write much mortgage business and therefore don’t know what they’re doing.”

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