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TMO sets up mortgage distributors Co-op

Packaging firm The Mortgage Operation is launching the Mortgage Distributors Co-operative. The move is intended to encourage entrants into the market and help existing lenders write business in new product areas.

The Co-op aims to act as a channel through which lenders can pool resources and distribution. TMO says the combined distribution strength and product knowledge of the Co-op will help the mortgage market expand.

Initial members of the Co-op are BDS Mortgage Desk, Genesis Home Loans, ICMG, Mortgage 2000, MLG, Pink Home Loans and Solent Mortgage Services.

TMO says between them, the members of the Co-op will distribute about £5bn of mortgage completions in 2002, a significant proportion of which will be in the niche lending areas of sub-prime, self-cert and buy-to-let.

MDC chairman Mark Charlesworth says: “This is an exciting new development in the mortgage market. Consolidating distribution in this way will allow members to combine the continued support of their current lender relationships with the opportunity to create a new market in the UK for pooling and distribution of mortgages in the niche product areas.

“This could ultimately lead to the development of a more fluid and efficient market for the funding and trading of these products.”

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