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The Mortgage Mole

Naughty but nice Checking clients for fraud can be a tough business and brokers have to be persistent and intrusive in their questioning to perform the appropriate due diligence.

But some brokers can be a little too trusting when it comes to clients and the generosity of the human spirit.

Mole learnt of a case last week where a broker’s client was gifted a £50,000 deposit from a non-relative to secure a mortgage. When the lender asked the broker why the client had received the deposit, they were rather simplistically told: “They were being nice.”

As well as Treating Customers Fairly Mole thinks the Financial Services Authority should adopt a new principle of Never Trust Your Client.

Bum steer With gross mortgage lending set to plumb new depths this year, barely scraping 2010’s £136bn, many lead generation firms have been left scratching their heads as to why new lead operations have opened in the last year.

“I can only assume they’ve been stalking my offices and confused my car for the Ferrari parked out front rather than the Ford Focus parked next to it,” one lead generation stalwart told Mole, counting out the coppers to buy a coffee.

Coogan’s run John Heron, chairman of the Intermediary Mortgage Lenders Association, had kind words for the Council of Mortgage Lenders’ former director-general Michael Coogan last week at IMLA’s annual bash in London.

But he also revealed just how far back Coogan and he went they first met 34 years ago in 1977 when they were first-year undergraduates at Warwick University. Back then Coogan was apparently a regular Don Juan.

“Michael was famous for his erudite debating, wit and winning way with girls,” Heron told the industry crowd.

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