It has been a bad week for everyone in the financial markets, but especially for distributors.
Firms have now got past the point of being able to find some joy in the downfall of their competitors so as an industry if one firm suffers we all do.
The news that Solent Mortgage Services has appointed an administrator was felt throughout the market, with genuine concern among its competitors for the staff and brokers of the firm.
As one of the biggest and most established packagers in the market, many will be left thinking if it can’t make it work what hope do they have.
To cut deeper into the wounds, packagers and brokers were left in shock after seeing the latest product changes from GE Money Home Lending, which came as a blow to many already finding it hard to place cases.
GEMHL has always been hailed as the ones keeping the sub-prime market alive and you get the impression that is what it wants to do, it just can’t at the moment and has found itself being forced to make its products less popular.
John Mawdsley who left the industry this week seemed to sum it up when he said working in mortgages was no longer any fun.
For many at the moment working in mortgage is far from fun, but there is still the hope that things will get better, let’s face it, things can only get better, can’t they?