Beacon attracted by Gravity system

Beacon Mortgages has become the 13th lender to sign up to the Gravity back office system, which is designed to generate decisions in principle within three hours.

Gravity, which is provided by software firm Oppono, produces three product options within minutes of online enquiry forms being completed by brokers.

Dave Symondson, managing director of Beacon, says: “A lot of packagers simply don’t have the required technology. I can see a situation in a couple of years when only packagers with high-end technology will survive.

“The comfortable world of local packagers that you knew well but did not offer much in the way of sophisticated services is disappearing.”

He adds: “There may be only 10 super packagers and a similar number of second division players left by the time we emerge from the liquidity crisis. We’re going to be one of the former.”