David Wylie and Justin Caffrey, the proprietors of c2-financial, have ac-quired a minority shareholding in Mortgage Mosaic, the firm that operates Mosaic Mortgage Club.
The shareholding was bought for an undisclosed sum.
Mortgage Mosaic designs mortgage compliance and customer management software systems. The firm’s mortgage club has nearly 500 directly authorised broker members.
BDMs from c2 and Mortgage Mos-aic will promote each other’s services.
Wylie says: “Our stake in Mortgage Mosaic offers us the opportunity to work more closely with it and help in accelerating its growth.”
Tony Smith, chairman of Mortgage Mosaic, says: “We look forward to continuing the aggressive growth strategy of our company with the benefit of the extra resources that will be available through Wylie and Caffrey’s other business interests.
“This combined distribution power will give us the ability to negotiate even more toughly in the interests of DA firms and ensure they get the best deals.” He adds: “It’s also important to remind members that our principle of sharing profits and benefits among DA firms remains in place, and we will continue to fight hard for the people running these brokerages.”
Following the deal, Mortgage Mos-aic has appointed c2 as its exclusive packager partner.
Wylie says this gives it a platform from which it can distribute sub-prime mortgages, thus fulfilling its main motive of increasing lending volumes.
He adds: “We will make our products exclusive to members of the club and believe this will make processing sub-prime business through Mortgage Mosaic more attractive than using any other club or packager.”