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PMPA hits out at lenders with poor IT links

The Professional Mortgage Packagers Alliance has attacked lenders that have failed to deliver in terms of technology and working with packagers.

One sweeping rumour was that the PMPA was referring to edeus although this has been denied.

Jon O’Brien, operations director at PMPA, says: “Some companies have been tight-lipped about their dealings with packagers. If they want to help us they have to speak up. But some are in Nice just to pay lip service.”

Helen Hymos, lender relationship manager at PMPA, adds: “Some lenders have spoken out and want to work with us but more need to admit they were wrong about packagers.”

Peter Charge, director of national accounts at edeus, says: “Edeus is renowned for its technology and we will be looking to develop technology solutions with our key packager partners.”

New lenders were also criticised for pushing credit limits in an attempt to gain ground in a saturated market.

Peter Beaumont, deputy chief executive of Mortgages PLC, says: “There are too many new lenders entering the market without the experience to understand the long-term risk.”

But John Prust, director of sales and marketing at Lehman Brothers, says: “It is condescending to lecture lenders about pushing credit boundaries. I welcome all new lenders.”

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