Acting as a go between for brokers and lenders the old manual role of collecting paper documents to complete a package on behalf of a small number of lenders, became much more. From the early 2000s, the best packagers or super packagers as they became known invested heavily in technology to provide platforms through which their introducers could not only view products in one place but enter client details to find the product most appropriate and then fill in an application online and have it submitted for online AIP and then offer from lender underwriters working in the packager’s office. At its best, an intermediary could expect to complete a deal from enquiry to completion all through using just one resource. So lenders had access to a streamlined marketing and distribution facility over which they still had complete underwriting control all without the on cost of scaling up their own sales, marketing and administration. Even then the word ‘packager’ was a totally inadequate title, when in reality the best

were better termed as product and service providers.

proven diStribution

The product and service providers that are left are the successor to the packagers of old. As the market turns, so the interest from lenders will increase. The ability to provide a proven distribution outlet in a controlled environment provides exactly what new lenders require. Not forgetting that while the mortgage market has been on ice, specialist hubs like SMS have been able to expand their offerings to include many different kinds of product and service, all under one roof. From the growing number of enquiries

we are receiving from intermediaries, it is clear that the service we offer is still relevant. Brokers want to access products and services in one place. With the advances in technology, the successors to old time packagers are giving introducers access to a true whole of market environment. As the market improves these companies

will be in great demand as the logical point of first contact for any company who wishes to access the intermediary market in a controlled manner and with the minimum of on cost.

So while the old style of packager is indeed gone, those that survived the downturn have evolved into much more and their relevance to providers and consumers and their intermediaries remains as strong as ever. Whereas before there was huge reliance on manual intervention and the need to fund large payrolls, the new players are leaner outfits through efficient use of online services that match the aspirations of providers and brokers alike without losing the specialist knowledge available from experienced employees. Yes, the packager is dead but its successor is very much alive is continuing to provide the interface between provider and intermediary that will be of even greater significance to both sides as the market continues to

improve. n

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