View more on these topics

Optoma launches online trading platform

Processing company Optoma Broker Solutions expects to triple turnover with the launch of a fully compliant online application system.

The system was developed in response to CP98 and refined for CP146 and is being marketed as a &#39compliance guaranteed&#39 system for brokers, offering a full audit trail for lenders.

Brokers submit the completed application form to Optoma, whose underwriters handle pre-offer administration for a lender panel that includes Halifax, Nationwide, Woolwich, Platform Home Loans, Amber Home Loans and Sun Bank.

Matthew Bright, marketing director of Surrey-based Optoma, says: “This is the first true mortgage-based trading platform. Our system is supported by a full product database which links all the way through the application process.”

Optoma, which previously traded as Mortgage Processing Services, is re-cruiting managers to cover every postcode in the UK.


FSA to relax time bars for mortgage endowment complaints

The Financial Services Authority Board has approved proposals that will significantly reduce the risk that some endowment policyholders who were mis-sold policies might have missed the opportunity to complain because they did not realise they had a claim and failed to act in time. The Financial Ombudsman Service is not normally able to consider complaints […]

Packagers and clubs must &#39redefine&#39 themselves

Sub-prime packager First Mortgage Options says traditional packagers and mortgage clubs are “doomed” and must redefine themselves within a regulated industry.Alan Hill, managing director of FMO, which also classes itself as a “value-added network”, says: “A year ago we decided that packagers were effectively dead in the water. We couldn&#39t see what they could do […]

Mervyn King to be next BoE governor

Mervyn King is to be the next governor of the Bank of England. The news was revealed as Gordon Brown announced his pre-budget report to the House of Commons at 3:30pm today. King will succeed current governor Sir Edward George in June 2003. The announcement ends speculation that FSA chairman Howard Davies was next for […]

igroup scoops Specialist Lender of the Year award

At the inaugural Business Finance Gala Awards Dinner held at the Commonwealth Institute in London last week, non-standard mortgage lender igroup was voted Specialist Lender of the Year. The award was in recognition of “the lender who provided the most innovative products, and goes the extra mile in supporting and working with its introducers.” Jonathan […]


News and expert analysis straight to your inbox

Sign up