Pink Home Loans completed over five times as many cases in the first six months of the year, compared to figures for 2002.
Tony Jones, managing director of Pink said: ‘Pink Home Loans has seen exponential growth in business levels submitted by its Club members. There has also been significant growth in the number of registered Pink Mortgage Club advisers in 2003, with the number of advisers registered in June 2003 36% higher than June 2002.
‘This dramatic growth is due to the strength of the Mortgage Club proposition and key improvements made during the past year. Pink offers member brokers payment of procuration fees within 24 hours of confirmation of completion from the solicitor on all cases and additions to the direct lender panel mean that it is now one of the most comprehensive within the industry, with a total of 34 direct lenders currently on board.’
Jones added: ‘Pink Home Loans is growing its distribution through direct submission to panel lenders and a wider base of intermediaries are now using the Mortgage Club. We are also adding new lenders onto the panel ‘ the latest being Intelligent Finance.’
Elsewhere, Mortgage Express grew its mortgage book over the first half of the year to £10.69bn, up from £7.2bn at the beginning of the year. Over the same period of time, GMAC RFC reported profits up by 18.7% to £27m.