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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


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