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CHL Mortgages may axe 50 staff

CHL Mortgages is likely to make 50 staff redundant as a result of its effort to scale down lending.

The company confirms jobs will be lost as it shifts focus towards credit quality and margin. Bob Young, managing director of CHL, says: “This change of focus will have consequences for staff numbers. We believe it will lead to a reduction of about 50 jobs.”

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Elephant Loans & Mortgages becomes part of FT Partners

Elephant Loans & Mortgages has decided that all its regulated mortgage activity will be operated by its group company, Elephant Loans Direct and that Elephant Loans will join the FT Partners network. Elephant Loans Direct will become an Appointed Representative for FTP’s subsidiary, FT Compliance Services Limited. Robert Kellly, has also resigned from the board […]

NR plans to focus on direct channels

Northern Rock is to slash lending via brokers this year as it launches a major downsizing programme.The bank’s proposals, set out in its post-nationalisation business plan published last week, reveal it will have a smaller presence in the broker sector.NR says it will concentrate on its most important partners as well as writing mortgages direct.As […]

Lenders pile on the pressure

Brokers continued to bear the brunt of the liquidity crisis last week as lenders chopped and changed criteria and fees at short notice.Scottish Widows Bank, Halifax, BM Solutions and Coventry among others increased rates or cut LTVs to cope with increases in volumes that are pressurising their processing and application departments.While brokers say they understand […]

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