Mosaic turns to packagers after polling brokers

Mosaic Mortgage Club is in talks with several packagers after its research revealed 90% of brokers would rather access sub-prime products via packagers than go direct to lenders.

Mosaic members said expertise and high levels of service were the top two reasons for using packagers, along with speed and high conversion rates.

Most brokers surveyed said they complete healthy volumes of sub-prime business, ranging from 10% to as much as 70% of their total business volume.

Mosaic says it is in discussion with several leading packagers and aims to appoint a firm to its panel by the end of March.

Alan Howle, a spokesman for Mosaic, says: “The many people who predicted that packagers would not survive regulation have been proved wrong.”

Jon O’Brien, operations director at the Professional Mortgage Packagers Alliance, says: “Sub-prime is not straightforward so it’s useful for brokers to have access to the facilities that packagers can offer.”