Advantage Mortgage Services and Pavillion Securities have joined The Mortgage Distributors Co-operative taking the total membership to nine companies.
Between them, MDC members including The Mortgage Operation, Pink Home Loans, ICMG and Genesis Home Loans expect to distribute £7bn worth of completions in 2003.
The MDC is not actively recruiting new members but it is open to offers from packagers with large distribution who share an interest in the self-cert, sub-prime or buy-to-let markets.
Christian Lennon, marketing manager at TMO, says: “It's not a matter of how many packagers we want on board. We are looking for people who sell the same sort of products as us as we build the portfolio. And they must be doing significant volumes.”
Tony Hughes, managing director at Brighton-based Pavillion, says: “The Co-op is a natural fit for our business. It gives us access to exclusive products we may not otherwise have had. This will add to the value of our company and also to our ability to service our customers' needs.”
Meanwhile, BDS Mortgage Desk has launched The Admiral Mortgage Company to take leads from unqualified mortgage brokers.