myi: What are your predictions for the market in 2012?
I’m no economic expert, so will bow down to the predictions of the Lenders own analysts who suggest an overall volume of between £130bn - £140bn.
However, I can comment on the appetites and desires of the lenders that we work with. These are the ones who appear to be actively looking for more business.
I think we’ll see a lot more lenders looking for specialist business, where they can price each individual case based on risk.
I also think that rising demand from the public for near prime/sub prime mortgages will ensure that more lenders sit up and actively look to enter this arena.
myi: Will it be harder to get a mortgage in the future?
Not at all. If anything, I think it will become easier. Although this may not be via high street lenders.
For all customers that fit the tick box credit scoring systems of the high streets, great! But for those that fail this scenario, there are still plenty of options, it’s just finding the right lender for that deal.
Some of our lenders don’t credit score, some will manually look at the whole scenario and take all aspects of the case into consideration.
myi: So, do you think lenders are doing enough?
Lenders do as much as they can, within the guidelines and restrictions imposed on them.
Only the lenders will really know what they are up against in the current climate and we have to accept that it’s simply not easy for them out there!
That said, I think that it is time for lenders to fight their corner more and lend in areas where they feel the risk is justified.
myi: Are Packagers making a comeback?
We did not leave and, thankfully, no one turned the lights out! It was just that a large number of lenders we had to offer reduced somewhat!
A few lenders stayed with us and for that we are eternally grateful. Despite some well known pundits and brokers writing us off (I remember one comment to an article last year saying I needed to dust off my CV!) our sector is in demand once more.
We provide a quick and cost efficient distribution for lenders wanting to increase a type of business volume, or launch in to the market.
Against employing and training staff, a Specialist Packager/Distributors knowledge and expertise can be much cheaper and quicker to utilise.
myi: How do you remain competitive within the industry?
In today’s market, it’s no longer just price orientated. Length of establishment, service proposition and ability to place the case seem to be higher on the agenda.
AToM has over 20 years experience as a packager / distributor and much more in the wider lending marketplace.
We have fantastic relationships with all of our lenders.
Showing we can do what we say we can, goes a long way in the current climates. Ultimately, we want brokers to use us consistently for repeat business. Our aim is to make life easier for them and their customers.
myi: If you were in charge of the FSA for a day, what would you do?
What a great question! Perhaps it would be nice to share a day's salary too?!
We all have huge workloads and work issues that, by dint, go on behind closed doors. I would want to understand the wider business plan and objectives of the FSA.
They have a great deal on their plate, in a huge number of areas but I am not sure that we have been given the tools to understand the bigger picture.
If I were in charge for a day that would be my main focus to try and engender a closer working relationship between all stake-holders.
