The firm says that while other outsourcing companies deal with mortgage processing, the problem is that in the main they are not specialised, with few multi-client firms like HML.HML managing director Steve Haggarty says that the market needs decent competition in order to keep evolving. “The basic premise of any market is that you need competition to drive the market forward,” he says. “It keeps people creative and assertive. In the secondary market there haven’t been others doing what we do. Vertex has the potential to make a mark.” HML believes there is the possibility of a market shake-up with Global losing its Barclays contract. Haggarty says: “Global will either make a real impact with this opportunity, or it could be disastrous for the company.” He adds: “A lot of other building societies such as Scarborough are small niche players good at what they do, but they could be restrained by size. Then there are companies such as Electronic Data Service, whose contracts are mainly with government bodies.” Haggarty says there are a number of companies that act as competition on some level, “but we’re the only multi-client company. That’s what makes life easier, as everyone is dealing with different lenders so no one is doing the same thing at the same time. “It makes it more difficult to drum up competition.”
- Top trends
- Top trends
Nationwide has issued a report on children’s savings that suggests Britain’s ‘buy now, borrow later’ culture means fewer people are saving for their futures.
The Office of the Deputy Prime Minister has published its housing statistics for 2005, which show nearly 153,000 new dwellings were completed in England during the financial year ending March 31 2004. This is the third year running where there has been a significant increase over the previous year. The latest increase, at 6%, is […]
Significant risks remain with the continuing accumulation of debt by many borrowers and an aggressive search for yield, says the Bank of England.The Bank has published its latest Financial Stability Review, which contains the Banks regular half-yearly review of risks to financial stability and measures taken to strengthen the financial infrastructure.The Bank says that the […]
Purely Mortgages has appointed Alastair Waldron as head of business development. He has been brought in to further develop the business’ third party and affinity marketing opportunities. Waldron, an experienced marketer in financial services, is best known for his work in the lifetime mortgages sector, most recently helping Prudential launch into this area.
The insurer UNUM has just published a new report on The Future of Employee Benefits, which makes an interesting read for anyone considering reshaping their existing remuneration package.
News and expert analysis straight to your inboxSign up