The Alliance of Mortgage Packagers and Distributors has decided to stop its operations due to the slump in the mortgage market.
AMPD was established in 2006 as a collective group of specialist packagers and distributors. It claims to have completed more than £8bn in mortgage completions since its inception.
Director Liza Campion says: “This is not a decision that has been taken lightly but with the liquidity issues many lenders have suffered over the last few years there is still a continued lack of appetite to lend. Couple this with lenders constantly trimming financial support due to the economic climate. We really are left with no option.”
She adds AMPD’s business model does not suit a smaller market but she says there is still a future for packaging.
She says: “I genuinely believe specialist packaging and distributing does add real value to lenders so there is a future for it. Unfortunately, the AMPD model works on a ‘mass market’ basis and is just not right for a smaller industry.”