AMI says it will respond strongly to FSA proposals
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The Association of Mortgage Intermediaries says it will embark on a “major motivation” of its members if it feels the need to contest what is suggested in the Mortgage Market Review.
The Financial Services Authority review due out today is rumoured to propose level proc fees and the abolition of self-cert and fast-track, but could also recommend a cap on LTVs and loan to income ratios.
Robert Sinclair, director of AMI, says: “This is just a discussion paper and talks are likely to go on for some months. If we feel there needs to be a major motivation of our members to submit evidence to the regulator we will ask them to do this at the consultation stage.”
The Council of Mortgage Lenders last week said it would oppose a ban on self-cert. It does not want lenders to be held solely responsible for affordability checks as this could negatively affect the information gathered by brokers in fact-finds and reduce their ability to advise on the suitability of products.
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