RAMP and PMPA in talks
The talks follow closely from revelations, exclusively revealed by Mortgage Introducer last week, that at least 11 members of PMPA would be leaving to set up their own group. It has now been confirmed 12 of the members will be leaving to form the Alliance of Mortgage Packagers and Distributors (AMPD), sparking suggestions the talks between RAMP and PMPA is a direct response to the fallout, with PMPA looking to bolster its numbers again by forming an alliance with RAMP.
But Vic Jannels, spokesperson for PMPA and group managing director of All Types of Mortgages, said the talks would be a regular occurrence to discuss packager issues. He said: “We agreed with RAMP we should be in shared talks as we share common goals. We are happy to do this. We are not looking to merge, we are just talking to each other.”
John Rice said: “This is the first time our two bodies have really got together for talks. As the two main packager associations, we think there is worth in doing this. We will be discussing certain issues and lender strategies.”
12 members of the PMPA have left stating the directors had gone back on their word to make the PMPA a not-for profit, one-member-one-vote organisation. It has now formally launched AMPD and to coincide with this it will shortly be announcing the launch of a range of exclusive products from their lender panel covering the prime, self-certified, buy-to-let and non-conforming markets.
It is believed PMPA is in the process of appointing four new packagers to its alliance.