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RAMP offers packagers compliance support

by: By Ben Marquand
  • 15/12/2003
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A new packaging organisation has been launched with the intention of providing members with complian...

A new packaging organisation has been launched with the intention of providing members with compliance support post Mortgage Day, and acting as a forum for debate.

The Regulatory Alliance of Mortgage Packagers (RAMP) is expecting to start trading next year with ten packagers who, collectively, handle £3bn worth of mortgage completions per year. Founder members include Vesta Money, The Finance Centre, County Group, Solent Mortgage Services, Mortgages Direct (Nationwide), and IMB.

John Rice, managing director of RAMP, said: “We have confirmed six packagers as board members so far and the remaining four are in the process of signing up. It would be unfair to name them until they have signed.”

The organisation will agree compliance procedures with lenders and the Financial Services Authority (FSA) and monitor its members to make sure they adhere to them. Rice said: “When a lender sees an application is from RAMP, it will know that the application is compliant with all the FSA rules. RAMP will guarantee all applications will have gone through a fully compliant process before delivery to the lenders.”

RAMP plans to use the distribution of its members as leverage to generate exclusive deals with its mortgage lender panel, which it hopes to have agreed early in the New Year.

“Bear in mind that we are looking to work with lenders for five years rather than five months. We do not want to switch lenders on the basis of what is in our short-term interest. We will eventually end up with 12 to 14 lenders who will have offerings across the market, from prime to buy to let to sub-prime,” said Rice.

It will not be applying for appointed representative or principal status, and members will retain their independent status. Rice denies it will rival existing packager group, the Professional Mortgage Packagers Association (PMPA).

Commenting, Vic Jannels, group manager director of AtoM and founder member of PMPA, said: “We never feel uncomfortable about the emergence of similar groups, as long as it is for the group members, the clients and lenders in equal proportion. In all honesty, imitation is the sincere form of flattery, but we wish them well.”


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