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Send the packager knockers packing

Was it a slow news week or had Kevin Patterson and Mark Chilton simply run out of things to comment on? I presume both. I am, of course, referring to the article headlined, Loan firms predicting demise of packagers (MM, December 2).

Am I not the only one who continues to be mystified and irritated by those who continue to feel the need to knock the packaging industry? For what seems a lifetime now, we are continually told that packagers will not survive in the regul-atory regime. Yet, what we actually see in practice is quite the opposite.

It is true that lenders are developing more online capabilities and it is possible to deal direct with a number of lenders. However, the sceptics are forgetting three things:Brokers often need assistance in finding the right mortgage product for their client – something that sourcing systems cannot always provide, particularly if it is sub-prime.Brokers still want a better personal service than the lender can offer with just an online facility.Brokers want access to exclusive products that are not generally available to them directly.

Any Packager such as BDS worth his salt will offer all the above in addition to all the other services that they now offer post-regulation such as network services, compliance support and insurance panels.

Let’s stop all these mindless predictions and let the broker customer decide the future of packagers, not the commentators.

Phil Jay Managing director,BDS Mortgage Group,Fareham, Hampshire


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