Unified body in prospect as PMPA bows out

Packagers are a step closer to having a single trade body after the Professional Mortgage Packagers Alliance announced its decision to leave the market last week.

The PMPA will close its doors tomorrow as a result of prevailing market conditions.

Industry commentators are already speculating that this will lead to the formation of a single packager body.

Kevin Friend, strategic partnerships director at Mortgages.co.uk, says: “This move signals the emergence of a single packaging association – inevitably the Regulatory Alliance of Mortgage Packagers.”

John Rice, managing director of RAMP, says the news about PMPA was expected but pays tribute to the organisation.

He says: “It provided the blueprint for all packager alliances and was held in high regard.”

Rice is offering a lifeline to all PMPA members that wish to remain within the relative safety of an association.

Another remaining alliance is the Association of Mortgage Packagers and Distributors, which was formed in 2006.

Andrew Hewitt, managing director of Oryen and spokesman for the AMPD, is confident about its future despite John Mawdsley, former spokesman for AMPD, retiring from the market this month.

He says: “We have never paid dividends and have a healthy balance sheet with minimal overheads.”