IMLA forms a group dedicated to restoring liquidity to the market
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The Intermediary Mortgage Lenders Association is restructuring its board of directors and forming a Mortgage Funding Group to help reignite mortgage market liquidity.
Former executive director Peter Williams will become executive chairman of IMLA while Tony Ward, chief executive of Home Funding and former IMLA director, is to be deputy chairman.
Colin Shave, chief executive of GE Money Home Lending, will sit on the board alongside Kevin Purvey, head of intermediary sales at Cheltenham & Gloucester, Tom Gurrie, divisional director, intermediary sales at Chelsea Building Society, and Lee Gladwell, sales and proposition director at Platform.
Outgoing directors include Godfrey Blight, chief operating officer of GMAC-RFC, who has served as chairman for two years, John Heron, managing director of Paragon Mortgages, who has served as both chairman and deputy chairman, and Bob Young, managing director of CHL, none of whom stood for re-election.
Williams says: “This is a year of transition for IMLA and for the industry as a whole. With many changes underway in our member companies we have decided to opt for an executive chairman backed by a strong board of directors.”
IMLA has also agreed to sponsor a new Mortgage Funding Group, membership of which will be open to the industry, not just IMLA members. It will focus on restoring li- quidity in the mortgage market.
The group will be launched early next year under the chairmanship of Ward.
He says: “There are some signs of recovery in wholesale markets but a significant shortfall in mortgage funding remains. This is affecting non-bank lenders and building societies in particular.
“We aim to identify barriers and weaknesses, propose solutions and lobby key constituencies to address these. We will develop the group in the coming weeks and hope to see a sustainable recovery in funding next year.”
