The Association of Mortgage Intermediaries has accused lenders of using the Data Protection Act as a way of depriving brokers of information which could help them retain clients.The attack came during a debate between lenders and introducers on the future of the intermediary mortgage market. Chaired by Kevin Duffy, managing director of Hamptons Mortgages, the panel consisted of Tim Hague, director of BM Solutions, Charles Haresnape, managing director of mortgages at Bank of Scotland, Kevin Paterson, sales director at Park Row Associates and Simon Jones, director at Savills Private Finance. The discussion opened with the issue of direct channels versus brokers, with lenders urging the latter to branch out into areas beyond mortgages by cross-selling. Brokers later hit out at lenders claiming ownership of clients and not providing them with the information to help them retain clients. Chris Cummings, director-general of the Association of Mortgage Intermediaries, accuses lenders of using the Data Protection Act as a defence, which he says is not acceptable. He adds: “We are going to put a form of words on the AMI website that all brokers should put into contracts with lenders to allow access to customer information once cases are completed.” The debate moved on to proc fees with brokers calling for unified fees. But Haresnape disputes this and claims technology and other factors have to be considered. Brokers questioned why online cost savings hadn’t improved proc fees. Hague says that despite submitting cases online, many brokers telephone to check if they have been received. But Lockhart Bruce, managing director of Opus, asked why, if packagers have developed systems that send confirmation emails back to brokers, can’t lenders do the same? Haresnape says BoS is working on improved case tracking. He also calls on brokers to charge their clients fees. He says: “I can’t understand why brokers don’t charge clients fees. It is a professional service they are offering and any other profession would charge for giving advice.” The debate concluded with one delegate asking Haresnape if the fact HBOS pays Openwork appointed representatives a 0.1% more proc fees than other brokers is related to its million pound investment in the network. Haresnape declined to comment.
em- has revealed that professional golfer and sporting personality Richard Boxall will be the guest speaker at its annual golf day in association with GMAC-RFC. During the em-invitational charity golf day on June 27 at Buckinghamshire Golf Club teams of four from across the industry will take part in competitions and in a charity auction […]
Mortgage and insurance network LIME has added CHL Mortgages, the buy-to-let and self-cert specialist, to its panel.CHL Mortgages joins 41 existing lenders in LIMEs mortgage club, specialising in self-cert and buy-to-let mortgages. As an intermediary only lender, CHL Mortgages prides itself on service and has won Financial Advisers 5 star award seven years running.Keith Richards, […]
Bananas Inc has launched its Lifeline remortgage scheme that allows bankrupt customers to pay off their creditors and remortgage their homes. Under the scheme a solicitor is instructed to liaise with creditors and appointed representatives charged with monitoring the bankrupt to agree a settlement figure. Once the settlement amount has been finalised, it is secured […]
The return of US lenders to the buoyant UK mortgage market is down to their big swinging dick mentality as they seek to ensure they play in the same growth markets as their key competitors.This surprising remark was made by Peter Beaumont, deputy chief executive of Mortgages PLC a wholly owned subsidiary of US investment […]
Jelf’s Annual Health & Wellbeing event is here again, and once more we will be providing practical help to employers seeking to manage their employee healthcare commitments.
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