BDS Mortgage Desk has launched a specialised division for sub-prime lending.
The All Status Team will work closely with BDS' panel of 10 sub-prime lenders and a growing number of satellite partnerships.
Ann-Marie O'Neill, head of sales and marketing, says: “It is important to offer introducers experience and knowledge when it comes to the sub-prime market. While sub-prime lending has been around for a number of years, it is still relatively new to a lot of introducers.”
BDS has also set up a team to constantly chase all cases and liaise with lenders, solicitors and introducers. Operations director Phil Jay says: “We and our introducers have already noticed a marked improvement in our conversion rate.”
BDS plans to have 12 satellite packagers by the end of 2003. This allows BDS to act as a lender, with the smaller packager fully processing the loan.
Jay says: “This is becoming a key area of business for us, we are still able to maintain a high degree of control. The satellite partnerships are proving not only popular with smaller packagers but also inevitable. With greater regulation, many established sub-prime lenders are keen to delegate processing control to bigger packagers.”
BDS has also started branded lending arrangements with GMAC-RFC and Mortgage PLC, and will launch the BDS Mortgage Desk Mortgage Club this year.
O'Neill adds: “This means that we are able to cover every angle of the mortgage market, from full processing and completion in-house to mortgage clubs. The lenders are still being finalised, but we are sure our brokers will be very happy with our choice.”