IMLA finance group to meet in March
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The Intermediary Mortgage Len-ders Association will hold the first meeting of its Mortgage Funding Group in March to look at ways of restoring liquidity to the mortgage market.
Peter Williams, executive chair-man of IMLA, says the trade body is confident the new year will bring new members.
IMLA has chosen to dip into its reserve funds rather than increase members’ fees and says it is being sustained by membership income topped up with reserves.
As of June 30, 2009 IMLA had 28 lender members but a large per-centage of these are now inactive or have left the mortgage market.
But Williams says both Abbey and Northern Rock have since joined the association and it is well placed for the future.
Williams says: “We held sub-scriptions rather than pass on costs when we had reserves. This year many organisations will trade at a loss and we understand that.”
He adds: “We have significant reserves and will use these while the market is experiencing a downturn rather than raise fees.”
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