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em-financial pipeline business goes to Beacon

14 October, 2008

Beacon Mortgage Packaging has negotiated with em-fiancial and the administrators to takeover the unoffered mortgage business pipeline, following shortly after the appointment of administrators to em-financial, a RAMP member and one of the largest mortgage distributors in the UK.

Beacon Mortgage Packaging says that the move will ensure all outstanding broker payments are honoured and that mortgage applications in the unoffered pipeline will be seen through to completion. Commenting Dave Symondson, Director of Beacon Mortgage Packaging, said: “Following the administration of em-Financial, and due to the Beacon Directors’ relationship with em-fiancial, we moved swiftly to negotiate a fair price for the purchase of the unoffered business pipeline. We are pleased to announce that the negotiations have been successful and that we will now take forward this pipeline. As a result of this no broker need worry about the procuration income they were expecting from em Financial on unoffered cases as this now becomes Beacon Mortgage Packaging’s responsibility.”

em-financial’s Managing Director Roger Morris said: “After nearly eight years in the business, today is a very sad day for everyone connected with em Financial. We would like to personally thank everyone who has been part of our journey to-date, and express our sincere gratitude to all staff past and present. After much soul searching, we believe we have made the right decision and leave our pipeline business in the capable hands of Dave Symondson and his team at Beacon Mortgage Packaging.”