The Mortgage and Loan Group has confirmed to Mortgage Strategy that it has filed an application to the High Court requesting information from Rooftop Mortgages.Last week, MS reported that The Mortgage Distribution Cooperative, which like MLG is owned by venture capital group Venturion Capital, hadissued a writ against Bear Stearns, owners of Rooftop, for going back on an agreement to fairly distribute profits from the wealth created by TMDC. It is now believed that MLG wants to know the percentage of profit share each packager member of TMDC is owed following Rooftop’s first successful securitisation. It is also alleged that Rooftop has been given 60 days to remove its packaging facility from members of TMDC. Jonathan Naylor, managing director of Rooftop, says it hasn’t gone back on its legal agreement with the cooperative and the misunderstanding has the potentialto be settled outof court. He adds: “If this matterdoes go to courtwe will ceaseto do businesswith TMDC packagers, but so far there has been goodwill on all sides.”
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Preferred is offering free online resources to help brokers understand and implement the principles of Treating Customers Fairly. The resources, available at Preferred’s website, include TCF TV webcasts, a factsheet and an online quiz. The material, developed alongside a series of TCF seminars held by Preferred and the Association of Mortgage Intermediaries for its members […]
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 […]
Leeds has launched a three-year buy-to-let discount mortgage. The product, currently 4.99%, is available up to 80% LTV and has no higher lending charge. Jeff Kirk, corporate relationship manager at Leeds, says: “We have looked at our product range carefully and delivered a market leading buy-to-let discount. There is no higher lending charge and 10% […]
The Financial Services Authority has revealed it has kept out more than 600 rogue mortgage and general insurance firms out of the industry since the start of regulation.
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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