When questioned, more than half of respondents of the survey said that they had no satellite packagers, while 81 per cent said that they had no franchised packagers.
Analysis of the figures revealed that packaging companies had 6.9 satellite packagers on average, but the common number for those companies that had any at all was 14.9 satellites.
Of the 54 per cent of respondents who said they did not have any satellite packagers, 23 per cent said they were considering them and 13 per cent said they were not, although a high proportion – 64 per cent – of those without satellite packagers did not answer the question.
Nigel Payne, managing director of TMB, commented: “We had a suspicion that the number of principal packagers using satellites is going up but we were getting a benchmark of the market at the moment. This is a snapshot of a point of time and next time we’ll be able to see the growth. Satellite packaging is an emerging market.”
Bill Warren, associate director at the Regulatory Alliance of Mortgage Packagers (RAMP), said: “This is a growth area as some RAMP members have 200 satellite packagers that are very tightly controlled, and a lot of mortgage intermediaries seek to become satellite packagers in order to enhance their businesses and income streams.”
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