It is now time within our industry for openness and straight talking to prevail.  The market is going through unprecedented change, and confidence in who is looking after your client’s mortgage and your income is paramount.

Our packager market is suffering badly and, like the whole industry, SMS has had to make some very hard commercial decisions for the long term benefit of the business.  In fact, it has brought forward our long term plans to bring in better systems and Lender integration to offer quicker and more accurate processing.

The hard facts are:

• We have had to align our staffing levels to that of applications received.
• We have adequate financial reserve in place. GE Money is fully engaged with our plans and strategy and we have set up a separate guaranteed commission fee account so that you can be confident your commission fees will be paid.
• As you know, Lenders are just not lending at this time; lending lines have been drastically cut with a fair few Lenders even ceasing trading.
• We have a full range of Lenders that is growing and our controlled distribution model, via our award-winning extranet – Porthole – allows them to manage pipelines and products effectively.  As the market recovers more will join the SMS distribution model.
• Lenders are limiting the availability of agencies to a much smaller number and SMS are delighted to be included in these refined select panels.
• We have online Product Research, AIPs, electronic Applications, Lender integration and data feed to a number of systems in the mortgage loop, as well as a full range of other products for your to earn from.
• We still have eight onsite Lender underwriters, making decisions and offering better service standards than going direct.

SMS IS HERE TO STAY!  Please be confident that, as always, we are here to give you, our customer, the best personal service available.  We still want to speak to you – please speak to us.  If you are concerned, or need further clarification, then please call me or any of my fellow Directors.

Thank you for your time and continued support - working together we can all prosper as the market recovers.