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From Andy Colville, finance director at Mortgage Service Centre

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  • 17/10/2001
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[With reference to Ian Christlo's letter] the role of a packager is to work with the lender on behal...

[With reference to Ian Christlo’s letter] the role of a packager is to work with the lender on behalf of the client and introducer to process and ‘package’ the mortgage application submitted to them.

On completion of a case submitted to a sub-prime lender the packager would have been paid a fee from the lender of which a proportion would then be passed on to the introducer, predominantly a minimum of £500 up to 1%. This 1% has nothing to do with any additional fees charged to the client and therefore should not interfere with the 1% the introducer had expected.

However, had the case gone directly to a high street lender, this would be a different matter and the fee charged to the client would be the main source of income to the introducer. Not all packagers treat introducers in the same way that your article suggests that Central Lending Services treat introducers ‘ sadly however, there are a few!

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