TFC Homeloans, a mortgage packager and distributor, is to merge with a software development company, Oppono, to create a new support service for intermediaries.
Both firms will become subsidiaries of Orbiter Group, which is launching into the intermediary market, saying it wants to pioneer the next generation of support services for brokers, distributors, networks and lenders.
Orbiter says it will offer sourcing, processing and compliance services through an online system, which will initially focus on the specialist mortgage sector.
The group plans to have a whole of market proposition rolled-out by the end of 2008, creating a one-stop-shop proposition for the market.
Existing TFC Homeloans and Oppono customers will be unaffected by the restructuring, according to Orbiter, but they will be able to benefit from the enhanced proposition.
Andy Brown, managing director of TFC Homeloans, says: “We have been investing in technology for the last five years in order to provide our customers with the most efficient service possible. 80% of new applications we receive are now submitted electronically so we are ideally placed to be part of Orbiter's vision.”
Brian Pitt, non-executive director of Orbiter Group, adds: “These are challenging times across the mortgage market but there are also some major opportunities.
“Lenders and distribution owners such as networks are openly saying their future strategies include linking only with forward thinking companies who can add value in the mortgage food chain. That is exactly what Orbiter's proposition offers”
Orbiter plans to launch with a panel of around 30 lenders with a choice of packaged and direct submission routes.
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