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Late start for Co-operative does not concern member packagers

  • 11/08/2003
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Following problems with its systems, the Mortgage Distributors Co-operative (MDC) hopes to begin tra...

Following problems with its systems, the Mortgage Distributors Co-operative (MDC) hopes to begin trading this month.

Initially, MDC had hoped to be trading by the beginning of July, but has had to iron out problems with product and processing issues.

Mark Charlesworth, chairman of the MDC said: ‘The launch was delayed but the systems are now in place and operational. We have had a few administrative issues with products and processing, but they are now largely resolved and we are looking at this week to be up and running.’

Charlesworth said discussions were underway with UK lenders over the provision of products for the packagers involved. In the meantime, members will be offered products from Rooftop Mortgages, a lender set up to service the needs of the MDC and bankrolled by Bear Stearns.

Members of the MDC are The Mortgage Operation, Pink Home Loans, Mortgage 2000, ICMG, Genesis Home Loans, Solent Mortgage Services and Pavillion Securities.

Ray Bohringer, chairman of packager ICMG said: ‘Well it is a step in the right direction because as far as we are concerned it gives us a hell of a lot of exclusivity. The first product range is going to be flexible as far as the underwriting criteria is concerned although I cannot say anything about the pricing yet. But it does mean that we will have a range of products as ICMG that are restricted to about half a dozen packagers in the market, plus we have total underwriting responsibility inhouse.’


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