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Malone signs two-year deal

John Malone has signed a new two-year contract with Bankhall that will see the grandfather of the industry remain at the helm of Premier Mortgage Service until at least 2009.

The announcement quashes recent speculation that Malone was about to leave the mortgage club and take up a consultancy role in the industry.

As managing director of PMS, Malone is one of the most powerful players in the mortgage market and towards the end of 2006 his name was linked with a number of organisations including IFA network Personal Touch Financial Services.

Last year PMS increased its mortgage completions by almost 4bn from 13bn in the first half of 2005 to 16.7bn during the same period in 2006, and was expected to complete 37bn for the full year on the back of 47bn in applications.

With Mortgage Express alone, PMS generated 1bn of applications across its product range in 2006.

Peter Mann, chief executive officer of Bankhall, says 2006 was a special year for Bankhall for a number of reasons, but chief among them “was persuading John to stay on for another couple of years.”

2007 will be a big year for Bankhall. In March it aims to launch its mortgage platform into the market, at the centre of which will be PMS. The club has already revamped its aggregation services by adding mortgage compliance and protection panels.

The new service will be underpinned by an IT platform with back office systems. Combined with integrated links to both Trigold and Mortgage Brain, it will create a one-stop shop trading portal.

Mann adds: “If you are having a big push into the mortgage market in 2007, who better to have on board than John? He is a huge force in the mortgage industry and I’m delighted he’s decided to stay.”

Malone says: “I’m happy to say that I have signed a new two-year contract with Bankhall and intend to develop the PMS brand further over the coming years.

“Both Peter and I recognise that there are a number of challenges facing both elements of the business, especially as regulation in the mortgage sector will have a major impact on many intermediaries’ businesses this year.”

He adds: “We will be at the forefront of helping them to remain compliant.”

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