EXPO 2009: MMR will make life more difficult for consumers say brokers
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Brokers have given their thumbs down to the Mortgage Market Review with 63% voting that it would make life worse, not better, for consumers.
Some 50-odd brokers were in attendance at Platform’s first interactive seminar at the IMLA Theatre, where the theme is ‘if only someone listened to mortgage intermediaries’, where they were asked to comment on a range of issues currently effecting the industry.
Only 13% of the audience felt that the mortgage market review would make the market more flexible and sustainable for consumers, with 24% not sure.
To the question of what is the biggest threat to intermediary market, audience members identified dual pricing as the biggest threat to the intermediary market at 36%, restricted criteria as the second at 31% and tighter regulation in third at 25.
In terms of what brokers thought was the most important thing to come out of the MMR, 34% voted for expenditure verfication, 25% the FSA’s plans to ban self-cert and 16% the regulation of buy-to-let and the secured loans market.
Brokers also made their feelings clear about the service they’ve been receiving from lenders recently.
Asked how they rated the service of their lenders, 0% voted excellent, 6% good, 57% okay and 37% poor.
Platform are running the seminars all today and tomorrow and will tally the total scores at the end of the two days.
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Readers' comments (2)
Chris Law (Director of The Mortgage Doctors) | 11 Nov 2009 4:43 pm
Addreess to the FSA
Dear Lesley Titcomb,
I am addressing this to your apparent lack of understanding today of what it is to be a broker who acts and behaves with integrity and due diligence, yet it is nannied by the FSA over regulation. It takes the biscuit now to hear that banning any intermediary fee to a mortgage loan, when the client in many cases do not have the reserves to pay these fees separately. Cant we just have a written warning in our illustration to the client of debt consolidation, or do we not have this already??? I also despair at the politicisation by a goverment department who has been in bed with the very problem in the first place and now looks for a scapegoat. Please let me also ask you what your pay terms are as we may also find excessive commissions and since I contribute to your salary I may also want to reduce excessive expenditure.
Yours faithfully
Chris Law
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Marcus | 11 Nov 2009 4:59 pm
Well done Chris.
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