Edge system, the bar chart shows The Mortgage Business’s research into the expected spend on technology by packagers. During managing director of TMB, Nigel Payne’s presentation at the Summit I queried the horizontal scale of expenditure – did that start at £200 or £200,000.
The answer was £200. Network Data has just spent more than that on two anti-static mats for its server room, while our total IT expenditure exceeds £100,000 per month.
Look at the figures. Do you think the packager community is likely to develop a full-blown mortgage sourcing system to compete with Trigold? Dream on. There’s more chance of Michael Bolton being elected as the packagers’ champion, another one of the proposals raised at the Summit.
My own prediction for the future of packagers? The Packager Summit in 2008 will be as equally as buoyant as in 2007. By 2009 the cracks will be appearing around the edges and the smaller, weaker, cheaper packagers will be a rapidly dwindling breed.
Within a year or two after that, the event will be renamed the Mortgage Distributors Summit. You read it here first.