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GE Money steps back from secured market

GE Money Home Lending is pulling away from the secured loan market and will only continue to do a small amount of lending through five to six brokers.

GEMHL’s decision comes on the back of Paragon withdrawing from the market and the demise of the Finance Industry Standards Association last week.

GEMHL is narrowing its distribution in the face of challenging economic conditions, but will be keeping the IGroup brand active through a limited number of packagers.

GEMHL will only now be operating in the prime market for any secured loan business it does and will be cutting its broker distribution from 150 to around 16-18 in the first mortgage market, as well as withdrawing its First National range.

The decision comes after the lender scrapped its secured loan iGroup range in March.

All pipeline cases must be completed by Friday 15 May 2009. All deals sold on the old criteria prior to Friday 3 April 2009 must have been entered onto the First National Browser system by 5.30pm on Thursday 2 April 2009 to qualify for payout.

All pipeline deals including any outstanding needs must be received, fully packaged, at its Watford office by 4.00pm on Thursday 14 May 2009.


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