View more on these topics

Technology is a partner but people still rule at Infinity

Regarding your last issue’s news report entitled ‘New lender entrants slated’, I found the piece not only a breathtaking generalisation but also unwarranted and way off the mark.

The basic thrust of the piece was that new entrants have tried to break into the market with low rates and have failed to deliver when it comes to service and technology.

Since when has GMAC-RFC set itself up as judge and jury of the new entrant lenders? No names were mentioned but I interpret the lack of clarity as an implied criticism of all new market entrants.

As a lender relatively new to the market, let me put the record straight. At Infinity, we have invested significant sums in broker-facing technology. As early as 2005 we launched Infinet, the only web-based mortgage processing system in the UK.

Our view is simple – technology is a partner and we believe that our industry remains firmly a people business. Clearly, GMAC-RFC feels that this approach is quaint.

The Infinity way is to have service done and decisions taken by people, not machines. Ultimately, people are accountable for underwriting decisions, not machines.

I can only draw the conclusion that the outburst was a result of the effect the new lenders are having on GMAC-RFC’s market share.

Simon Biddle
Head of Marketing and Communications
Infinity Mortgages
By email


HIPs are a mess we will have to face

What a mess we are in. To be specific, what a mess Home Information Packs are in. In fact, it’s hard to understand how we have ended up in this position.

Learning tough lessons from the US

Although the troubles in the US sub-prime mortgage sector should be unique to that country UK lenders can learn some lessons to help them avoid a similar fate, says Ginny Darrow

KGB offers free vals

KGB Packaging is offering free valuations on all Mortgages PLC’s standard mortgage products, with the exception of buy to-let deals.Rachel Bancroft, managing director of KGB packaging, says: “We are delighted to make this valuable benefit available to brokers that introduce their Mortgages PLC cases via KGB Packaging. “A free valuation can represent a substantial cost […]

Tenancy scheme tariffs unveiled

Tenancy Deposit Solutions has unveiled its tariff for agents who join its tenancy deposit protection scheme. Following a one-off joining charge, fees will be payable by agents on a pay-as-you-go basis. An annual renewal fee per branch is also required – £50 for members and £75 for non-members.


News and expert analysis straight to your inbox

Sign up