TMB lambasted over packager commitment

Ramesh Sharma

January 21, 2006

Guy Garrard, director of business development at em-, has criticised TMB for spending ‘thousands’ on a new advertising campaign which includes the statement that unlike some specialist lenders it has always supported the packager sector.

Garrard said: “We recently had a visit from one of TMB’s BDMs but unfortunately the lender could not assure us that it can provide any of the requirements we need as a serious packager. We need onsite underwriting and preferably branded lending.”

Garrard added: “Why if it is so committed does it pull all products whenever its processing goes down the tubes? And how can it justify the position of Peter Charge as director of sales, coming from an organisation that has spent three years trying to destroy the packager community.”

Nigel Payne, managing director of TMB, said: “Our regional business manager Neil Loader recently met with Guy at em-’s offices. Amongst the subjects covered during the meeting was the forthcoming launch of TMB into the sub-prime arena. We are fully aware some packagers prefer lenders’ onsite underwriting to reduce packaging overheads, and branded lending to allow more packager control on cases. This is on our ‘radar’ for the future.”

He added: “As part of the HBOS group we do have a committed stance to the packager market and will be exploring all avenues.”

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