The Professional Mortgage Packagers Alliance announces it is in discussions with a number of providers looking at the potential of becoming a lender in its own right.
This would be specifically driven to enhance PMPA’s range of services to mortgage intermediaries. Based on CML figures, PMPA contributes more than 25 per cent of non-conforming completions.
PMPA operations director Jon O’Brien says: “PMPA has been approached by a number of interested parties over the last few months. It is apparent that there are funders with an appetite to secure distribution in specific areas of the market, most notably in the non-conforming arena. Whilst we have not made a firm commitment as a group we feel it would be foolish not to investigate the benefits of having our own lending facility. It is probable, that should we make a decision to proceed, this will happen in the next two or three months. We would expect such an arrangement to be complimentary to the range of services we already enjoy with our current lender partners.”