PMPA may launch lender in October

The Professional Mortgage Packagers Alliance is believed to be launching a lender called Unity at the end of October.

The launch date is rumoured to have been set as October 31 – exactly a year after the Financial Services Authority began to regulate the mortgage industry.

Only four members of PMPA are thought to be involved in the project at present – All Types of Mortgages, BDS Mortgage Group, Complete Mortgage & Loan Services and Amity Mortgages.

Unity is rumoured to be headed by Tony Ward, former managing director of Britannic Money before it was taken over by Paragon Mortgages and rebranded as Mortgage Trust, although Ward denies involvement in the project.

It is also thought that Unity will call upon the experience of Ravi Takhar who currently works at lender Infinity and was formerly chairman of Mortgages PLC.

Jon O’Brien, operations director at PMPA, says: “We have established an entity and we are evaluating options based on what we said in March this year. We haven’t finalised anything at all and the name Unity is only a project name. That’s as much I can say at the moment.”

O’Brien also declined to comment on whether either Ward or Takhar had been appointed to Unity.

Bill Warren, director of compliance of Complete Mortgage & Loan Services, says: “PMPA launching a lender is something that has been discussed for a long while.”

PMPA revealed in February that it was in discussions with providers about the possibility of becoming a lender in its own right.

The move was mooted with the intention of enhancing PMPA’s range of services to intermediaries.

O’Brien said at the time: “It is apparent that there are funders with an appetite to secure distribution in specific areas of the market, most notably in the sub-prime area.”