The director of northern-based packager The Mortgage Partnership has expressed his outrage over Park Row Independent Mortgages' decision to name its network The Mortgage Partners - stating it will cause unnecessary market confusion.
John Mawdsley, director of The Mortgage Partnership, which began trading in 1997, is concerned the name clash will result in industry confusion, especially now his company has set up its own direct authorisation support service, which he says is offering similar services to that of The Mortgage Partners.
Initially, Park Row Independent Mortgages was to name its network The Mortgage Partnership, but after finding out about Mawdsley's firm, decided to rebrand to The Mortgage Partners. But Mawdsley says this slight alteration will still result in confusion and potential disadvantages for both companies.
He tells Mortgage Strategy: “We are mystified as to why anyone, especially an organisation that was fully aware of our position in the marketplace, should want to use a name which we believe has already led to confusion. And at a time when clarity and transparency within the industry is of utmost importance.
“Our support service provides a raft of services including compliance support, application processing and a direct submission panel. We would like it to be known that we have no connection with another company of a similar name offering what purports to be a similar service which has been launched by Park Row.”
But Kevin Paterson, managing director of The Mortgage Partners, says: “We changed the name, although we didn't have to. Our industry is full of ambiguities – it's the nature of the market. But I don't see how the two operations can be confused. Mawdsley is a small regional packager, we are a national advice network. They operate from a panel of 23 lenders, we are whole of market. We provide a range of non-reg mortgage protection providers, they don't. We offer high quality lead generation and bespoke contact management software, they don't. Stop me if I am getting boring.”
Paterson adds Mawdsley should stop to consider whether The Mortgage Partners would want to be confused as a small regional packager with big ambitions, and that any confusion could actually do Mawdsley's firm some favours.