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Packager usage up 5% in 2008

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.”


Bond plan a case of too little, too late

For some time I’ve been calling for the tripartite authority to take decisive action to address the liquidity crisis engulfing the market and it has finally made its move.

Edeus quits lending and shifts focus

Edeus has stopped new lending and has rebranded itself as edeus market innovators.The firm has also made its 50-strong origination team redundant, subject to a 30-day consultation period.Among the departing staff are director of packaging Terry Pritchard, director of distribution Gary Webster and commercial director Martin Reynolds.Last week Mortgage Strategy Online exclusively revealed that the […]

Abbey passes on base rate cut

Abbey is applying the Bank of England’s recent 0.25% base rate cut to its SVR and base rate tracker mortgage deals.

Warning over agency losses

The director of one of the UK’s largest estate agency networks has predicted that 4,000 estate agents will close within a year because of market pressures.Robin King, director of Movewithus, says inexperienced and badly structured agencies will go first.He adds that most agencies will experience losses as a result of the credit crunch.He says: “One […]


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