Paul Fryers of Mortgages plc is reported in Money Marketing on November 2 as saying that our predictions relating to the take-up of point of sale offers are “exaggerated” and that limited investor demand will severely restrict its impact.
What utter twaddle. Does Mr Fryers really think that GMAC RFC, one of the world’s biggest securitisers, did not do the rounds of investors and rating agencies before developing Poso, forming a clear view of current and future investor demand?
Mr Fryers’ comments strike me as a rather desperate attempt at trying to divert attention away from the fact that Mortgages plc will not have this technology any time soon and are, instead, making brokers and packagers go through time-consuming, resource-intensive costly hoops to produce what should be the customer’s by right, namely an instant mortgage offer delivered in minutes at point of sale.
The comments by Mr Fryers remind me of an article which was printed in the trade press from another aspiring young executive working for a competitor who stated that the innovation we had just announced – a range of buy to let rental cover options at a differential fee structure – would not take off because we would not find investors to buy these assets.
Not only have we sold billions of the stuff but his employers have recently bought a big chunk. Innovation is not just about knowing your market – it is about knowing how it will evolve.
Director of marketing