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Enable gets its MTA letter

The letter, shown here, arrived at Enable&#39s offices on Friday last week. It states: “We are minded to approve your application based on the information you have given us.”

The letter means prospective appointed representatives joining the network can be confident they will be able to trade after Mortgage Day. Although not a cast iron guarantee that the network will receive authorisation, it goes on to say that “assuming there have been no material changes in the information that you have given us, we will grant your firm authorisation… no later than August 2004”.

The FSA said earlier last week that it had started to issue the letters to applicants wishing to operate a network with a mortgage or general insurance permission. The letters go both to new firms (where a minded to authorise letter is issued) and, as in the case of Enable, existing authorised firms (where the letter states that the FSA is minded to vary permission).

When networks receive their MTA letter depends on when they applied and on the issues that the application raises. It also depends on the complexity of the business proposition and the speed with which the firm can answer any subsequent enquiries.

Michael Ward, managing director of Enable, says: “We are pleased to receive our minded to approve confirmation from the FSA.

“Operating as an FSA-authorised firm for some years put us in a strong position when establishing our mortgage and insurance network, Enable. This positive message will, I am sure, encourage a number of intermediaries who are as yet undecided to opt for Enable.”

The FSA says it expects to issue a substantial number of network decisions over the next six weeks.


Network Data signs Paymentshield deal

This also means that members with existing Paymentshield policies will continue to receive their monthly commissions. Network Data says this follows significant increases in term commissions and a rise in the number of products and providers available through its insurance panel. The company will release a new version of its mortgageLink software in August which […]

Amber sells £150m mortgage portfolio to Redstone

Amber Homeloans Limited has announced the sale of a residential mortgage portfolio with a value in excess of £150m to Redstone Mortgages PLC. This is the largest transaction undertaken by Amber in 2004 and takes the total value of assets traded through the £2bn barrier. The portfolio was made up of assets covering the full […]

GMAC-RFC completes its largest securitisation at £1.5bn

GMAC-RFC yesterday closed its latest and largest securitisation valued at £1.5bn through its RMAC programme. This is GMAC-RFC&#39s 15th transaction in the UK RMBS market, and total issuance since 1998 now exceeds £7.8bn. This is the second mixed collateral deal to involve prime, near-prime and non-conforming collateral and the first to involve a tranche intended […]

Brokers fear for lender&#39s service

The lender has reduced the number of LTV bands from three to two on all fixed rate and tracker products. New borrowers with an LTV of between 75% and 90% will now pay the same rate as borrowers in the 0% to 75% LTV band. Mike Fitzgerald, sales director at Brentchase Financial Services, says: “Nationwide&#39s […]

Choose life…

Sarah Scott  – Marketing Consultant, Royal London  This month sees the return of Renton, Sickboy, Begbie and Spud in the sequel to the film Trainspotting. Just over 20 years later, we return to see exactly how life treated the characters whose lifestyle was less than ideal back in 1996. Did they choose a job, choose […]


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