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Igroup on target for £3.5bn

igroup gross new originations hit almost £1bn in the third quarter of 2003.

When compared with the equivalent period of trading in 2002 the number of accounts written rose by 21% and their total value by 23%.

The company says this puts it on track to break through the £3.5bn new lending figure by the end of the year.

Colin Sanders, chief executive officer at igroup, says: “Third quarter results confirm igroup&#39s continuing appeal as a responsible provider and servicer of specialist mortgage products.

“igroup&#39s challenge is to ensure it remains first choice provider for many of the introducers working hard to satisfy continuing consumer demand. To do this we must ensure it exceeds the expectations of an industry and public ever more demanding of high business and regulatory compliance standards.”

And he adds: “The company ignores this at its peril. Standing still is not an option. Those who work with the company know this is not the igroup way – and that it expects its full year results and those for 2004 to reflect this.”

• Southern Pacific Mortgage Limited says it is to run a third series of regulation roadshows for its packagers following the publication of the FSA&#39s final mortgage rules.

The roadshows will take place in Manchester and London on November 21 and November 25. As well as presentations from the SPML compliance team there will be guest speakers and a question and answer session.

Details about the events can be found on the website where videos of previous roadshow presentations can also be seen.


HML reaches £20bn milestone

Homeloan Management says that it has reached the important milestone of £20bn in mortgages under administration. This is twice the £10bn figure registered in September 2002 and more than three times the figure in 2000. The company says that the spectacular increase means that if HML were a lender itself rather than a mortgage servicer, […]

NU defends its equity deals

Norwich Union has defended its equity release products following industry warnings that brokers could be in breach of the Mortgage Code if they recommend the deals. In an open letter to the Mortgage Code Compliance Board, Simon Chalk, principal of Wetherby-based Mortgage Portfolio Services, asserts that NU&#39s equity release products go against the Mortgage Code&#39s […]

APS adds BuildStore to direct lending panel

APS Europe Mortgage Club has added BuildStore, provider of mortgage products to people wanting to renovate or convert their home, to its direct submission panel. Brokers will now be able to offer BuildLoan, a self-build mortgage for the intermediary market, to their clients and receive a procuration fee via APS Europe. The range of features, […]

SLB raises its rate to 5.10%

Standard Life Bank is increasing its standard variable rate from 4.85% to 5.10% with effect from November 19, following the 0.25% base rate increase. Anne Gunther, chief executive of Standard Life Bank, says: “It is important to put this rise into context. It does not mean misery for consumers. We expect the Bank of England […]


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