Mortgage packagers are calling for more clarity over their future role, and a stronger voice in the consultation process, according to feedback from an SPML packager forum. Stuart Aitken, director of credit at SPML, said: ‘Whichever way the regulated/non-regulated divide finally falls, it is bound to result in a major shift in mortgage market distribution, so packagers, lenders and advisers all want to be as prepared as they can. As a lender, we realise that many packagers feel under-informed on regulatory issues and do not feel they have an effective voice when it comes to the decision-making process.’
But, Victor Jannels, director of the Professional Mortgage Packagers Association (PMPA), felt many packagers do get their voice heard. He pointed out that while PMPA is not interested in becoming a regulatory body it consists of ‘like minded packagers all doing meaningful amounts of business’ and, as a result, is able to make their views known. He added: ‘We can go to the regulators and say we feel that packaging should be looked at from an FSA point of view. We have made a lot of headway in this. Ian Nelson, the chairman of PMPA is on the advisory council for both the Mortgage Code Compliance Board and the Council of Mortgage Lenders, dealing with the interests of packagers and also talking to the FSA. So, we are making our points felt with the people who are decision makers in the industry.’
