View more on these topics

AMI to clarify client responsibilities

The Association of Mortgage Intermediaries is in the process of launching a paper to help clarify consumers’ responsibility for their finances.

Speaking at Network Data’s ann-ual conference, Richard Farr, director of AMI, warned that brokers will have to initiate more robust conversations with clients regarding their financial situations in a bid to en-courage them to live within their means.

Farr says: “Consumers have some responsibility – the broker’s role lies somewhere in the middle.”

He also revealed that AMI will be working more closely with the Intermediary Mortgage Lenders Association to produce a document on len- ders’ responsibilities.

This is expected to include definitions of fast-track and self-cert deals, although Farr acknowledges this will be impossible without lenders defining the terms first.

Farr also revealed his frustration with the Treasury over long-term fixed rate mortgages.

He says: “We’ve had discussions about how it wants to resurrect long-term deals and it will not take no for an answer. We don’t want the German model but it’s not listening.”

Recommended

Brokers urged to cash in on EPCs

FastTrack is urging brokers to take advantage of the opportunities offered by the full rollout of Energy Performance Certificates.The energy assessor training firm says more than 1.6 million residential rental units and commercial and public buildings will need to be assessed from October when EPCs are extended to cover the whole market.FastTrack says brokers are […]

Technology will save the industry

In this new regular column, Julian Wells takes a look at some of the most pressing issues facing the mortgage industry and the professionals who work in it

Orbiter to unveil specialist solution

Orbiter is unveiling a specialist solution next month built using the latest online technology. This advanced technology has enabled it to build complex rules and underwriting criteria behind a simple user interface.Andy Brown, director of Orbiter, says: “Sourcing is only one feature of the Orbiter proposition, but we recognise it is a hugely important part […]

Newsletter

News and expert analysis straight to your inbox

Sign up