View more on these topics

Brokers threaten to boycott lenders not ready for M-Day

In addition, nearly half, 47%, of mortgage intermediaries say they are concerned about being unable to deal with lenders who opt to close their books while they re-engineer systems and processes to become FSA compliant.


Indeed over two-thirds of advisers say that they would be worried about the level of service that these lenders could provide once they re-open to new business, further demonstrating the long-term ramifications of not being prepared for regulation.


Phil Heaton-Jones, director product development, mortgages at Marlborough Stirling, says: “Lenders failing to get their houses in order or simply adopting short-term solutions to regulation are in danger of permanently alienating brokers, who have indicated that they will regard this type of approach with grave concern.


“Lenders must ensure that they are in a position to provide excellent levels of service following M-day, underpinned by sound business processes and modern technology, otherwise intermediaries will vote with their feet.”


Marlborough Stirling&#39s mortgage solutions are available as direct software systems, via an application server provider model or as fully outsourced business administration services. Its Omiga software platform provides compliant point-of-sale and application processing solutions that can be used across all distribution channels to provide consistent and efficient straight through processing of mortgages. 

In addition its Optimus solution facilitates the ongoing administration and management of mortgage business from the release of funds through to redemption, including comprehensive borrower retention and securitisation capabilities. 



Platform receives grant of permission letter from FSA

Consequently Platform is anauthorised company with effect from October 31, 2004. The news supersedes notice of Platform&#39s minded to approve letter, which the lender received in August. Platform is one of the first lenders to have received confirmation from the FSA of its regulated authorisation. David Tweedy, managing director, at Platform, says: “We are very […]

We must focus on ability to repay

Ever since the Monetary Policy Committee decided to make the first of five increases in the Bank of England base rate we have been bombarded with boom and bust stories. The pessimists have had their chance to blast the trumpets of doom and the optimists have been able to clash the cymbals of reason. Adding […]

Packagers must be authorised under the FSA

Packagers will have to be authorised under the FSA regulatory regime. In a letter to the Council of Mortgage Lenders seen by Mortgage Strategy, Eleanor Linton, head of policy and technical standards at the FSA, explains that where third party administrators carry out any pre-sale activity it will be considered to be &#39arranging&#39 and an […]

Primary school performance points to property price premium

Alex Bannister, Nationwide&#39s group economist, says: &#34In the last two weeks thousands of children have started their first year at primary school. Traditionally, primary schooling is viewed as crucial in providing children with the basic building blocks of learning and thus parents put a great deal of effort into researching the performance of local schools. […]

How to cut mortgage fraud risk

Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]


News and expert analysis straight to your inbox

Sign up