Andrew Hewitt, managing director of packager Oryen and spokesman for the Alliance of Mortgage Packagers and Distributors says it is well placed to tackle any problems in the financial market.
Hewitt says: “The last 12 months have been difficult for the mortgage industry and packagers are not immune from the effects of global economic conditions.
“PMPA has taken the decision to withdraw from the market place to allow its members to focus on their own businesses and the members of AMPD would like to wish them well.”
He says AMPD has evolved its internal structure to allow for the day to day running of the alliance to be managed by a full time product and lender relationship manager.
Hewitt adds: “We have worked closely with our panel lenders on several initiatives during this difficult period to ensure our alliance delivers value to our lender partners. One such initiative is our Lender Protection Plan which lenders and third party services such as surveyors have received with great positively.
“It is our view that any alliance must continue to evolve and demonstrate tangible benefits to its partners if it is to survive. As an alliance AMPD has a prepared strategy going forward to ensure we continue to add value.”
He thinks the market will see a lot more consolidation and other alliances withdraw from the market.
He says: “Much will depend on each alliances commercials and
ability to keep costs low. AMPD has always traded as a not for profit alliance therefore have never paid dividends to members meaning we have a healthy balance sheet with minimal overheads.”
Hewitt says it is not complacent and recognises the need to prepare and plan effectively in order to negotiate the current malaise.
He adds: “We remain vigilant in our expenditure and feel confident that we have the right combination of prudent management and membership to maintain and develop our current position.”