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Preferred Mortgages adopts Lynx banking solution

Lynx Financial Systems has announced that Preferred Mortgages has purchased Summit, the modular retail banking solution from Lynx.

Preferred has also purchased the Lynx debt management system, Portfolio Collect. The Lynx systems aims to further improve customer service levels to borrowers and to intermediaries, including mortgage brokers, mortgage packagers and IFAs.

Phil Hopes, financial director of Preferred, says: “We recognise how vital IT is to our future success and are making a substantial, seven figure investment in the Lynx mortgage and debt collection systems. The new systems will allow us to continue to offer first class customer service, both to mortgage intermediaries and to customers. Lynx will be a key factor in helping us to achieve our growth targets for the coming years.”

The Lynx Summit system will provide Preferred with an end-to end processing and administration system to deal with customers and their mortgages. Summit&#39s Initiate and Activate modules provide the customer with mortgage illustrations and control the whole application process through to completion of house purchase. After completion Summit will then manage the customer&#39s mortgage throughout its entire lifecycle. Portfolio Collect will ensure that Preferred has complete control over its mortgage arrears portfolio.


Home reversion to escape regulation

Home reversion schemes will not join mortgage-based equity release products under FSA regulation, the Treasury announced today. The Treasury does not consider that is has the power to give the FSA responsibility for regulating home reversion products, which are equity release schemes that involve the sale of the property by the &#39borrower&#39 to the person […]

Equity release market increases by a third

Older homeowners released more than £313m from their homes in the first six months of this year as the equity release market continues to grow. New figures from SHIP (Safe Home Income Plans), which represents the major equity release providers, show that the total equity release market was 33% higher in January to June 2002 […]

Mortgage debt collection to be regulated

Debt collection in relation to mortgages will be regulated under the FSA, as requested by respondents to the Treasury&#39s consultation paper. The Treasury says the regulated activity of &#39administering&#39 a regulated mortgage contract expressly includes “taking any necessary steps for the purposes of collecting or recovering payments due under the contract from the borrower.” This […]

PS106 set to unlock TEP market

The traded endowment market is expected to receive a major boost in September when FSA rules on client advice. Under policy statement 106, endowment policyholders seeking information on surrendering a policy will be made aware of the option to sell it from September 1. TEP outfit Surrenda-link estimates that a potential £15m in commission could […]

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Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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