MPLC strengthens its service infrastructure

Sub-prime lender Mortgages PLC has strengthened its systems and infrastructure after record lending in 2002 led to several service issues.

Paul Thomas, chief operating officer of Mortgages PLC, says: “We had a record year in 2002. Throughout that time we have been looking at both our systems and infrastructure and have strengthened both.

“We&#39re looking to recruit staff on both the processing and underwriting sides of the business in Glasgow and in the regional teams.”

MPLC has also installed what it describes as an “immediate” software programme.

Thomas adds: “Our new software is already producing enhancements and benefits in terms of service. We&#39re also upgrading our operating platform.”

Servicing was one of the hot topics of 2002 with the volume of business being introduced stretching most lenders to the limit.

But Thomas says: “I don&#39t think we&#39ll see the problems that we had last year – volumes rose quickly in a short period of time. Those lessons have been learned and now we feel that we&#39re one step ahead.”

Meanwhile, Sun Bank has also reported record lending in 2002.

The specialist lender says its £600m in completed mortgage loans equates to 140% growth as compared to 2001 figures.