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Opus range for Mortgage Promotions members

The firm is launching a number of products into the market including both prime and non-conforming deals funded by lenders including GMAC-RFC, Mortgages PLC, Kensington and West Bromwich.

Members of Mortgage Promotions will be able to share their views on products and criteria which should enable Opus to continue to provide appropriate products.

Technology will be at the heart of the proposition, with online decisions in principle and application submission available from Mortgage Day.

Opus has recruited qualified staff to support the venture and ensure service levels are high. The firm says members in Scotland will benefit from Scottish-based service with products designed to accommodate the Scottish system.

Kevin Friend, director of sales at Opus, says the firm is breaking out from its sub-prime packaging roots to become a loan designer and administrator.

He says: “This is all part of the &#39new world Opus&#39 the firm has been working towards as part of a strategic review. The partnership with Mortgage Promotions represents the first stage of this process.

“We&#39ve been having high level talks with lenders in both the sub-prime and prime markets and have now completed these. There will be a rollout of leading-edge products over the next four weeks.”

He adds: “We are looking at servicing the intermediary market. We have already applied for direct authorisation as a loan administrator in advance of the FSA&#39s edict as we acknowledge that we influence the offer by the service to brokers.”

Nick Baxter, managing director of Mortgage Promotions, says: “This was an important decision. It will give our members an edge.”

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