ADMA defends forms claim

The Association for Direct Mortgage Authorisation says the Association of Mortgage Intermediaries has demonstrated a lack of understanding of the needs of intermediaries applying for DR status.

AMI director Chris Cummings last week criticised ADMA&#39s comments that brokers can complete an FSA application in as little as 90 minutes.

ADMA is running workshops until the end of April to help brokers complete the forms accurately and quickly and explain issues surrounding mortgage regulation including costs, training and competence and best practice requirements.

Jason Rogerson, spokesman for ADMA, says: “It is disappointing to hear these comments from Chris Cummings. They show a lack of understanding of the immediate needs of mortgage intermediaries who wish to apply for direct authorisation, many of whom are members of his organisation.

“We issued this 90-minute claim on the basis of feedback from intermediaries who have attended ADMA workshops. These workshops not only cover the application process but also go into significant detail on the FSA&#39s ongoing requirements.

“Clearly the major concern that mortgage intermediaries currently have is getting a properly completed application in before the next deadline.”

ADMA is continuing to run free workshops nationally to help brokers meet the upcoming deadline. There is also a regularly updated website, www.admaltd.co.uk, which includes FSA application completion notes.

But Cummings says: “It may be possible to complete the form in this time but it must be stressed that the preparatory work you need to do will take considerably longer.”