View more on these topics

CML to review the way it calculates lending league

The Council of Mortgage Lenders has pledged to review the way it calculates its mortgage lending league table after complaints from GMAC-RFC.

The trade body’s table is used by the industry to benchmark gross lending figures. But when the CML published its last league table in October GMAC-RFC had dipped from 10th to 11th place.

As reported in Mortgage Strategy, Jeff Knight, director of marketing at GMAC-RFC, branded the figures as distorted for failing to compare lending over the same per-iod of time for all lenders.

GMAC-RFC subsequently called on the CML to change the way it works out the tables so that lenders are compared on a like for like basis over the calendar year. The trade body has agreed to a consultation.

Bernard Clarke, spokesman for the CML, says: “We will be discussing this with our members to see if it would be a better way of providing data.”

Knight says: “According to the CML, Bristol & West took 10th position from GMAC-RFC based on lending during its financial year which ran from April 1 2005 to March 31 2006. This created an anomaly because GMAC-RFC’s lending was assessed over a different period, namely January 1 2005 to December 31 2005.

“Comparing the financial year with the calendar year allowed Bristol & West to exclude the depressed post-Mortgage Day period and substitute the buoyant Q1 2006.”

He says that if GMAC-RFC’s figures were recalculated over the same period as Bristol & West’s they would show it had advanced £8.9bn, thereby retaining number 10 position in the table.

l See Letters, pages 56-57


Give clients a fair deal on protection

The mortgage industry cannot stand aside from the debate as regulators have their say on the question of fairness in the payment protection market, says Bill Warren

Advantage launches Rapidremo

Advantage, a Morgan Stanley Group company, has launched Rapidremo, a legal service that speeds up the offer to completion stage. Exclusively available on all ADV sub-prime freehold remortgages in England and Wales, the Rapidremo option could allow completions within 48 hours.The key to exciting legal service, which includes free legals when Advantages panel solicitor is […]

OFT announces new executive director

The OFT has announced the appointment of Jonathan May to the post of Executive Director of Policy and Strategy. He has also been appointed by the Secretary of State for Trade and Industry to the OFT Board.Jonathan May joined the OFT at the end of 2001 as director of markets and policies initiatives following over […]

Money Partners launches direct-to-broker brand

Money Partners has revealed the total acquisition of Residential 1 in order to launch into the direct-to-broker market through direct channel brand Money Partners Touch.Money Partners Touch is the new direct-to-broker operation of Money Partners dedicated to non-packaging brokers, introducers and IFAs. Operating out of Bromley, south London, it will provide introducers and advisers with […]

What the huge rebound in sterling means for the UK's inflation outlook

The world’s strongest currency in November was not the US dollar, despite the greenback rallying 3.5% against the euro, 8.7% against the Japanese yen and over 8.6% versus the Mexican peso and the Turkish lira up to yesterday’s close. The strongest currency last month was sterling, which had strengthened 2.2% versus even the mighty US […]


News and expert analysis straight to your inbox

Sign up