Mortgage packagers are calling for more clarity around their future role, and a stronger voice in the consultation process, feedback from Southern Pacific Mortgage Limited's packaging forums reveal.
The major point of concern is how far packagers can be regarded as giving 'information' or 'advice' - or whether they merely give 'information' to their brokers.
Clarity around these terms is vital for packagers, who now urgently need to plan for the future under statutory regulation. Also, the umbrella term 'packager' covers a wide range of businesses, from sole traders who package their own applications to major organisations packaging applications worth many millions annually – all of whom operate differently, when it comes to categorisation under the pending regulation.
SPML's director of credit, Stuart Aitken, says: “The role of packagers under the proposed regulatory framework- as either agents, arrangers, advisers, or just providers of mortgage information - is far from clear. Whichever way the 'regulated/non-regulated' divide finally falls, it is bound to result in major shifts in mortgage market distribution, so packagers, lenders and advisers all want to be as prepared as they can.”
Southern Pacific Mortgage Limited has also launched a new website which includes a number of new features including, the ability to track individual cases as they progress.
The case tracking function is designed to give packagers the ability at any point to see where the case is and view its current status – without having to contact SPML.
The case tracking facility supplements the existing auto-fax facility which automatically acknowledges all applications received at SPML, and is currently updated on a daily basis.
Business introducers can access functions including the ability to download marketing literature, application forms, product information and order stationery. Solicitors can also use the site to download all the relevant documentation they require to progress cases on behalf of their clients without delay.
The website can be tailored to suit the requirements of the company and in the future it hopes to encompass 'real time' case tracking so business introducers can see at any one point the current status of the case as it actually happens.
Dean Taylor, marketing manager at SPML, says: “Case tracking is the key element in the site's usefulness as all introducers want to know what is happening to their cases because getting to completion is the ultimate goal.”