View more on these topics

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.”


GMAC-RFC completes non-conforming securitisation, valued at £500m

This is GMAC-RFC&#39s 16th transaction in the UK RMBS market, and total issuance since 1998 exceeds £8.3bn. This deal is backed by 100% non-conforming first lien residential mortgages. This transaction has been divided into six publicly funded tranches. The issued notes, which have been given long-term ratings by Standard & Poors, Moody&#39s Investors Service and […]

CML warns consumers to check advisers are registered

Intermediaries must either be directly authorised by the FSA, or must be an appointed representative of an authorised firm, if they wish to continue submitting mortgage business to lenders from November 1. Applications through intermediaries registered with the Mortgage Code Compliance Board may continue to be made to lenders in October, even if the mortgage […]

ARLA clarifies definition of B2L

While clarifying the definition of buy-to-let eight years after its inception, Robert Jordan, president of ARLA, says it is a private enterprise that fulfils the social need for choice in housing. He adds: “It is about fair returns and quality accommodation, not get-rich-quick schemes.” John Heron, chairman of the ARLA buy-to-let panel and managing director […]

Networks should help ARs on cover

There has been a flurry of activity ahead of general insurance regulation as product providers and networks trip over themselves to offer their services as principals to mortgage brokers, IFAs and protection intermediaries. Mortgage brokers have been presented with both ends of the stick in that if they intend to carry out protection insurance-related advice […]


News and expert analysis straight to your inbox

Sign up