Vic Jannels, chairman of the Professional Mortgage Packagers Alliance (PMPA), has stepped down to focus on growing his own packaging business.
Helen Hymos, lender relationship manager at PMPA, will take over as acting chair until she retires in early 2009.
She will spend the coming months recruiting a new chair for PMPA, while Jannels will remain a shareholding director.
Jannels wishes to spend more time in his role at chief executive of All Types of Mortgages (AToM), working to expand the business.
He says: “I have every confidence that Helen will lead PMPA successfully through the transition to a new chair or MD. Whatever the future holds for packagers - including the possible emergence of a single packager organisation – I believe that the standards set and maintained by the PMPA have established a packager benchmark of quality that will continue to benefit all sectors of the mortgage industry.”
Hymos says she will consider the options available to PMPA, including a possible change in the organisation’s structure, and hopes to appoint a new chair or managing director to lead the sector through the difficult times ahead.
Mortgage packagers have found trading conditions particularly difficult in recent months due to the large amount of sub-prime business they deal with.
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