View more on these topics

My question about mortgage clubs remains unanswered

From Richard Griffiths

John Malone&#39s letter (Mortgage Strategy June 7) rushes to reassure readers that Premier Mortgage Service will operate as normal despite a comment in my column (Mortgage Strategy May 24). But I only asked whether PMS will continue to deal with ARs wishing to place mortgages off-panel through a mortgage club for lenders not on their network panel.

The question is aimed at the lenders on any mortgage club panel – will they accept such applications? What assurance do they have that the mortgage sale has been conducted in a compliant manner and in particular the accuracy of the KFI disclosure of fees that are paid to the AR and to the club.

FSA rules state that both fees and the names of the parties must be shown on the KFI. The implications for all mortgage clubs are far-reaching and I have yet to see a clear statement of intent in this respect.

Richard Griffiths

Managing director

Network Data

By email

Recommended

Trigold plans equity update

Trigold is planning to build an equity release function into its sourcing system following research that found more mainstream lenders and brokers are looking at entering this growing market. The firm&#39s joint managing director Martin Colyer says the system should launch before the end of the year but after the introduction of FSA mortgage regulation […]

Vesta Money picks SDS MAPS for mortgage processing

SDS Applications, a provider of web-enabled solutions and software for the mortgage industry, has announced that Vesta Money has selected SDS MAPS for its mortgage processing. Vesta operates nationwide and says it generates and packages millions of pounds in mortgages per year. Vesta will deploy MAPS throughout the company&#39s operation The system will be used […]

Paragon sponsors tennis star at Wimbledon

Paragon Mortgages is supporting British athletes through a range of initiatives, including the sponsorship of Lee Childs, the British tennis No.4. This coincides with the launch of a promotional campaign featuring a number of sports men and women in a variety of activities including tennis, athletics and swimming. John Heron, managing director of Paragon Mortgages, […]

Hope for repossessed mum

The National Association of Mortgage Victims says it has seen an increase in the number of enquiries from borrowers being threatened with repossession by Mortgages PLC. NAMV administrator Carol Riley says: “Over the past few months we have had an increase in enquiries from borrowers who have found themselves under similar threats from this lender… […]