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Griffiths sounds warning

Network Data’s third annual conference kicked off in Birmingham last week with Richard Griffiths, chief executive of Network Data Holdings, admitting that the company had faced big challenges in 2007.

He told delegates: “At last year’s conference I started my speech by saying that 2006 had been a successful year for us.

“But 2007 saw unprecedented challenges and since August the market has been badly hit by the liquidity crisis. What’s more, things are likely to get worse and it may be several more months before they get better.”

Griffiths adds that the government’s incompetent handling of the rollout of Home Information Packs was the main cause of its losses in the first half of last year.

As Mortgage Strategy reported in September, the group reported a £515,000 loss in its interim results for that period, of which it said a high proportion was caused by its HIP operation, Hipstar.


Praxis joins PMPA

Praxis has joined the Professional Mortgage Packagers Alliance, increasing the organisation’s membership to 15. Birmingham-based Praxis joins, among others, Countrywide Mortgage Centre, Premier Mortgage Packagers, and Platinum Lending.Vic Jannels, PMPA’s chairman, says: “From our discussions with our lender panel we are aware that lenders are looking for strong relationships with larger distributors that deliver quality […]

Demand forces SWB to close phone lines

Scottish Widows Bank was forced to close its telephone support service last Tuesday due to a deluge of business. The bank is planning to reopen the service today.It says that every effort has been made to process applications as quickly as possible while maintaining underwriting quality despite the service interruption.Brokers can check the progress of […]

Smokers and drinkers pay more

Tax on cigarettes has been increased by 11p a packet while cigars are 4p dearer. Tax on alcohol will rise by 2% above inflation over the next four years. Tax on beer is up 4p a pint, on bottles of wine by 14p and spirits by 55p.

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


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