Independent research from NMG Financial Services Consulting shows that packager usage is 5% higher in Q1 2008 than it was the same time in 2007.
Despite this it also shows that packager usage is slowing in the Q1 of 2008.
Sue Traskowski, head of broker services at TFC Homeloans, says: “As product choice has reduced, brokers are turning to the packagers they can trust to help find suitable products for their clients.”
TFC has seen nearly 3000 mortgage applications since it launched its online mortgage decision and case processing system Gravity.
Developed by software company Oppono, Gravity is now used by 14 packagers in total, however, TFC is still able to offer its brokers exclusive functionality.
As many packagers are finding current market conditions increasingly difficult, TFC attributes a great deal of its financial strength to the efficiencies of the Gravity system.
Traskowski, says: “At TFC we’ve found that brokers are choosing to use TFC because of the competitive edge we offer them in terms of service. Gravity enables us to provide a decision in principle normally within 4 hours and take the client from application to completion in as little as 2 weeks.”