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Article: PMPA members plan breakaway group.
- Article from:
- Mortgage Strategy
- Article date:
- December 12, 2005
CopyrightCOPYRIGHT 2005 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The majority of the members of the Professional Mortgage Packagers Alliance are planning to leave and set up their own group, the Association of Mortgage Packagers and Distributors.
The split follows allegations that two of the four founding directors used the PMPA to further their own businesses to the detriment of other members.
An industry source tells Mortgage Strategy that All Types of Mortgages and BDS persuaded the other 18 members not to recruit networks as individual companies but through the PMPA as a whole.
It is alleged that AToM and BDS then went back on this and took on networks.
As reported last Wednesday on Mortgage ...