View more on these topics

Packager tie-up creates lending unit

Packagers EM Financial and Mortgage Match have joined forces to create a branded lending unit.

EM Residential Funding will receive packaged cases from around the country at its central London offices.

Edward Strange, former business development manager at Mayfair-based The Mortgage Placement Company, has been appointed managing director.

GMAC-RFC and SPML have already signed distribution agreements with EM Residential Funding and Strange says it is possible they may sign up another specialist lender later this year as well as several packager partners.

Roger Morris, managing director of Teesside-based EM Financial, says: “We have a distribution network around the country, and can offer national packaging with an understanding of regional trends. Our distribution overlapped with Mortgage Match so we sat down and decided to bring everything together.”

Strange believes that by working as a unit EM Residential Funding can help smaller packagers stay in business by utilising their collective bargaining power.

Amo Ruprai, director of Croydon-based Mortgage Match, says: “Many lenders are not interested in taking on new packagers at the moment. This is a Catch 22 for packagers, who can only get the business if they commit to certain targets.”

Fellow director Ian McPherson adds: “EM Residential Funding puts our distribution strengths together on an impressive scale.”

Both EM Financial and Mortgage Match will continue taking business under their own names, but have developed a common trading platform to cope with applications from packagers under the branded name.


The Mortgage Mole

Big DaddyThose of you who have had compliance visits from the MCCB will know how keen it is to keep brokers on the straight and narrow. But now Mole can exclusively reveal the true extent of the body&#39s secret intelligence network. I hear that one Friends Provident manager in Salisbury got quite a shock after […]

Scottish Equitable Protect adds five-year reviewable rates across critical illness range

Scottish Equitable Protect is adding a five-year reviewable rates option on critical illness cover within its mortgage and business protection menu products, which means that this option is now available across the company&#39s entire critical illness range. The new option means that IFAs now have the choice of recommending rates which are guaranteed for five […]

Lifestyle Finance commits £10 per completion to children&#39s charity

Rotherham-based sub-prime mortgage broker/packager Lifestyle Finance has committed to donate £10 for every mortgage it completes in 2003 to the South Yorkshire children&#39s charity, Help a Hallam Child, run by Hallam FM Radio. The appeal helps local children and also contributes to national children&#39s charities. The total value of the Lifestyle Finance contribution is estimated […]

Standard Life welcomes polarisation proposals

Standard Life has welcomed the next stage of the depolarisation consultation process, the issuing of CP166 – Reforming polarisation: Removing the barriers to choice. The life company believes the proposals outlined in the paper will facilitate better access to advice on suitable products and greater choice for consumers, and is pleased that the value of […]

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]


News and expert analysis straight to your inbox

Sign up