Clear will be rebranded as Personal Touch Mortgage Administration Services.
PTFS says it believes there is limited space for packagers in the future and those that will survive need to be aligned to strong distribution and offer service differentiation, technology and innovation.
Sales director Dev Malle says: “In a challenging market, it is essential that we have control and certainty for our distribution and members. Owning an important part of the mortgage placement service means that we can plan strategically without conflicting with third-party businesses, so we decided for the first time to own our own packaging function.”
Clear says it has been approached by a number of organisations to form a business association, joint venture or merger. It says the approach by PTFS was the most attractive offer.
Managing director Dave Booth says: “When a company of the size and track record of PTFS knocks on your door, you listen.
“We at Clear feel privileged to have been chosen by PTFS as its first venture into mortgage packaging.”