From Guy GarrardSince the dark uncertain days of November 2004 and the advent of the new world of regulation there has been something nagging at the back of my mind about our world of transparency and Treating Customers Fairly. It’s been there now a year and the nagging is now reaching spouse-like proportions. Quite rightly, we exist in part of a regulated food chain. As a packager our customer, the broker, sees what we earn. His customer, the borrower, sees what he earns and yet at the end of the chain is the party that regularly gorges itself at the table, thelender. Where isthetransparency the Financial Services Authority seeks? Of course our lender friends exist in a much more complicated world than the humble broker or the second hand car-selling packager. They live in a world of necromantics and deep subtlety that we poor souls will never comprehend. HPAFs, ERCs, through lending, whole loan sales, and the darkest magic of allâ¦ securitisation. Any gentle quizzing as to their stake in all this is usually met with a standardportfolio management blocking answer or some complicated algorithm that sends us scuttling for cover again. A conversation on this subject at the recent Council of Mortgage Lenders’ annual dinner while playing the usual game of “identify the dinner” led to an interesting offer by one of our securitisation-friendly lenders. They offered to declare openly their earnings on their next securitisation so that we could all see what a meagre existence theirs is. But this brave promise was made with the proviso that they wanted their competitors to follow suit. So come on guys. You are forever telling us how tight margins are (despite the plethora of new lenders appearing that seems to refute that suggestion). Come and play the game of transparency with the rest of the regulated players. Let’s see some of those earningsstatistics published in our industry press. Some chance.
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- Top trends
Following action by the Office of Fair Trading, two directors and one former manager of Countrywide North, the Scottish subsidiary of Countrywide, have been required to change their conduct and be more transparent in their dealings with consumers. Mairi Eckford, managing director, Michael Miller, sales director, and Stuart Black, ex-area manager have given undertakings to […]
Vignette Corporation has unveiled Vignette Collaboration release 7.0, the latest version of its enterprise collaboration product that helps manage organisational processes and critical business functions by bridging information silos to create the de facto place where people work.Collaboration is a strategic goal of organisations due to its ability to solve several key business challenges, including […]
Rachel McKay, mortgage analyst from moneyfacts.co.uk, is warning consumers of percentage based mortgage arrangement fees and the shift towards these being charged as a percentage of the mortgage advance.McKay says: Generally, the mortgage arrangement fee pays for the time and administration costs for the credit score; assessment of application and personal details to ascertain whether […]
We must ensure our administrators are properly trained and motivated as they are increasingly important – and they can make our jobs easier, says Sue Read
Last week was Adult Learner’s Week, a celebration of lifelong learning and continued education. But why should education stop after school?
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