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Rebel packagers bidding to sign up PMPA members

The rift between the Professional Mortgage Packagers Alliance and rebel packagers is set to widen after the splinter group said it wants to sign up more members.

The embryonic Alliance of Mortgage Packagers and Distributors has issued an open invitation to the 10 remaining PMPA members after splitting from the body due to what it calls the conflicts of interest of the PMPA having a stake in Unity Home Loans.

The AMPD, which will appoint a management team shortly, claims to have signed 12 PMPA packagers to its group, led by The Mortgage Partnership, and will meet next week to discuss how to attract more packagers.

It will not establish a common lender, as the PMPA did with Unity, and is drawing up contracts with 12 unnamed lenders to create a panel which could yet increase in size.

AMPD spokesman John Mawdsley, who claims AMPD firms generated 60 per cent of PMPA business last year, says: “If anyone from the PMPA shares our ethics of one member, one vote, equitable ownership and a not-for-profit ethos, they can join.”

PMPA operations direc- tor Jon O’Brien says: “We wish the AMPD well but will con- tinue as normal and Unity will remain in place.”

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