PMPA back for good but with revised objectives

Following in Take That\'s footsteps, the Professional Mortgage Packagers Alliance has revealed that after being on the verge of a split last week, it\'s getting the band back together.

In the wake of squabbles over how the collective was run, including the distribution of shareholdings in lender Unity, the reunification will see some changes to its objectives.

Members will now have equal equity stakes in the organisation and equal voting rights. The alliance henceforth will be run by a management board with regular rotation of members and chairman.

Following claims that some members were using the organisation to further their own companies’ interests, the PMPA will now be governed by a ‘not for profit’ principle. It will reinvest all profit surpluses into the association’s promotion and the delivery of added-value services.

John Mawdsley, director of The Mortgage Partnership, and Ian Nelson, chairman of BDS, say in a joint official statement: “The newly constituted body will more closely bring together a group of 22 mortgage professionals, who wish to be the byword for the highest standards of integrity, service and transparency in the packaging industry.”