This decision was made following research showing that the majority of Mosaic’s broker members would pre-fer to access sub-prime products via a packager.
The decision process was based on the packager’s ability to demonstrate high levels of service supported by independent broker testimonials, the availability of the best sub-prime products, the ability to deliver exclusive terms to the club’s members, and finally, financial strength.
Last week, Mosaic warned that many packagers are facing dwindling profits and reduced capital reserves. Mosaic says that given the evidence of financial instability in the packager sector c2 was the most financially sound of all those assessed.
Tony Smith, chairman of Mosaic, says: “Many of our members have made it clear that there is a strong desire to have an inhouse packager in order to handle sub-prime business. c2 has an excellent reputation and will, we believe, deliver excellent products and services to the club.
“Mosaic will continue to innovate and grow in order to deliver real value and income to directly authorised brokers, and we will enjoy watching the competition in its attempts to follow suit.”
David Wylie, chairman of c2, says: “We are delighted to be appointed to the Mosaic panel and to be a part of this exciting new evolution of the mortgage club.
“We enjoy working with directly authorised firms and we understand that they need competitive products, swift service, and above all, the certainty that they will receive their proc fees.
He adds: “C2 is now one of the most profitable companies in the mortgage packaging sector and we will be working extremely hard in partnership with Mosaic to acquire an even greater market share by returning more value to mortgage brokers and their customers.”