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  • homer_j
    You tend to find that packagers are in the market place for sub prime business and it is safe to say that they wont be the last to close.

    The job of a broker is getting tougher but you have to reflect and say that there have been more good than bad years over the last 7-10years. We have to adapt and we have to try to keep the ship steady - as will a lot of other businesses over the next 12 months.

    If funding is difficult for banks - that will impact on a much wider scale than just us brokers, we are small fish in a very big pond.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dan1979
    The majority of packager deals were 90%+ stuff and very few of those deals exist any more. On top of that proc fees have been cut so there's a double whammy of reduced business levels and making less money on each deal.

    There will definitely be a few more packagers that close, at the least there will be more redundancies in the ones that remain.
  • sarkin
    Just had an email, 2 guys from packaging at my compliane place got canned today.

    Not a good day to be a packager
    Last edited by sarkin; 20-02-2008 at 11:17 AM.
  • Dan_Collins
    I must admit, and sorry if anybody is a packager and I dont want anybody to lose a job, they are not needed! They are a cog in the works and a pain in the back side, the service is normally poor and I think they are now coming to the end of the line.
    :confused:
    • mdj1
    • By mdj1 20th Feb 08, 11:25 AM
    • 163 Posts
    • 81 Thanks
    mdj1
    well, they could always use their skills in the confectionary industry and move onto fudge! lol
  • dan1979
    You're right Dan (although my service was always good!) but if you'd seen what we go through the door and heard some of the conversations you'd know there's a lot of shocking brokers out there who really need others to do everything for them. Bear in mind I dealt with the worst of the worst in terms of applicants and brokers.
  • NeilQuinn
    Just had an email to say that BM are withdrawing Mortgage Plus tonight or tomorrow.

    Anybody got any pipeline cases - get them in today, folks!

    • MortgageMamma
    • By MortgageMamma 20th Feb 08, 2:09 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    For gods sake, I didnt think it would take them long to follow the lead. my head hurts.

    Ive got foreign nationals needing high ltvs, adverse clients needing high ltvs, consolidation clients needing high ltvs and nobody earns enough to borrow what they need anymore! Buy to lets here I come!
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • MortgageMamma
    • By MortgageMamma 20th Feb 08, 2:09 PM
    • 6,495 Posts
    • 3,231 Thanks
    MortgageMamma
    whoops I forgot, there arn't many buy to lets no more.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • NeilQuinn
    whoops I forgot, there arn't many buy to lets no more.
    Originally posted by MortgageMamma
    It's weird - I've never done that much in the BTL market but since Xmas, I've had a real run of them. Mainly people shifting their deals or releasing a bit of equity.

    Most of my clients are low LTV clients who fit with mainstream lenders fortunately.

    Like you - the odd adverse enquiry that I get, I'm struggling to place because of all the changes.

  • dan1979
    How do you place your adverse deals?
  • homer_j
    A selection of emails in my inbox today

    In at number 3...
    Lehman brothers to cull 200 jobs - looking like from the spml brand.

    At number 2.....
    Black and White go into administration with news of some brokers being owed 10k...

    However at No 1....

    Mortgage lending has gone up by 11% in january from December and is only £0.1b down on what was lent this time last year. Commentary states they expect the year to get worse though - just when I thought I had some happy news to share.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Dan_Collins
    Sorry Dan, the one thing that frustrated me about packagers is that it always depended on the person you dealt with. I will only deal with one lady at my packager of choice. I am sorry about the jobs though.

    I get a feeling that brokers will be walking, lenders can cut commission, ppl will still need mortgages with or without brokers!
    :confused:
  • Dan_Collins
    Sorry Dan, the one thing that frustrated me about packagers is that it always depended on the person you dealt with. I will only deal with one lady at my packager of choice. I am sorry about the jobs though.

    I get a feeling that brokers will be walking, lenders can cut commission, ppl will still need mortgages with or without brokers!
    :confused:
    • UK007BullDog
    • By UK007BullDog 20th Feb 08, 4:41 PM
    • 2,547 Posts
    • 1,394 Thanks
    UK007BullDog
    Hey Homer,

    are we sharing the same mailbox? LOL
  • homer_j
    Have you had offers for cheap viagra and you know what extensions?

    What about the miracle pills to lose 26 stone in an hour?

    I think staples are trying to tempt me to spend 39 just so I can get a sim card back up machine worth about 1 - should I buy owt?

    Oh yeah and I have had one that tells me that my Abbey National security questions need updating. Even with the age of the internet, they haven't cottoned on that the national bit was dropped years ago.

    If you haven't read the Yes Man by Danny Wallace, I can recommend it - highly amusing - I know I would have fun following what this guy did.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • NeilQuinn
    How do you place your adverse deals?
    Originally posted by dan1979
    Directly mostly. Now & again I'll use a packager if my own research can't come up with the goods.

    Unfortunately I'm not a great fan of packagers either, sorry - don't take it personally.

    • Gorgeous George
    • By Gorgeous George 20th Feb 08, 6:52 PM
    • 7,797 Posts
    • 8,484 Thanks
    Gorgeous George
    I take it that a packager is yet another middleman :confused:

    Never heard of them. If I want a mortgage I trawl the local Building Societies (not Banks). It might take a few hours but, on a nice day I get to chat with salespeople and then I choose the prettiest.



    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • homer_j
    Yes, they are a middle man GG.

    Broker gives packager the clients details. Packager does a credit check and works out what deals the client is applicable for. They then give the selection back to the broker for them to work out which one is best.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • poppy10
    • By poppy10 20th Feb 08, 7:53 PM
    • 6,226 Posts
    • 7,548 Thanks
    poppy10
    I'm sick of it, every day I get a redundancy email, a lenders gone bust email, or we are not doing high LTV/self certs/BTL's anymore email. Makes my job an absolute nightmare.
    Originally posted by MortgageMamma
    I must admit that the old inbox has never been so depressing to read.
    Originally posted by homer_j
    Just had an email, 2 guys from packaging at my compliane place got canned today.
    Not a good day to be a packager
    Originally posted by sarkin
    Just had an email to say that BM are withdrawing Mortgage Plus tonight or tomorrow.
    Originally posted by NeilQuinn

    Oh, oh, oh, please sir, can I get on this mailing list sir, pretty please?????
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