PMPA disputes member meltdown

Ian Nelson, chairman of the Professional Mortgage Packagers Alliance, has today set out to dispel rumours that the packager collective is on the verge of meltdown.

In a statement he says: “We wish to make it clear to all PMPA stakeholders, and particularly to its lender panel, that the PMPA is not dissolving and it continues to have a strong core membership.

“Some members have recently expressed their intention to resign from the organisation, but by no means all the non-founder members.

“Almost all of the current members to whom the directors have spoken so far have no plans to leave the PMPA.

“In addition to retaining a substantial number of our existing members, we have a healthy pipeline of prospective new members, with some already approved and ready to join.

“We expect to maintain our business volumes at the very least.”

Nelson says that a new PMPA structure is already in preparation, which will create a balance in the way that member firms contribute to the organisation and benefit from it.

He adds: “The new structure is still under discussion and, once it has been agreed by the director group, it will be offered to many of the PMPAs existing 22 members, but not all.

“Any organisation that deals with the PMPA can rest assured that the group remains strong and fully functional and is looking forward to a bright future.”