Making the move

By Harold Wilson A new term is about to become a feature of the daily language of mortgage professionals working in the sub-prime and non-conforming sectors. For correspondent lending - a practice that has been flourishing in the United States since the early 1980s - has been embraced by a number of pioneering mortgage packagers who are keen to move into lending. This embryonic sector has the potential to have a similar impact on our domestic market as it has across the Atlantic, where it now accounts for over $180bn of lending a year. There are only a small band of players ...