Genesis Home Loans says it is happy to enter into discussions with other networks after its merger with Guaranteed Home Loans.Nigel Gardner, business development director at Genesis, says: “We are in the mood to grow as a network and are happy to enter into discussions with small networks or appointed representatives looking for a change of direction.” Genesis and Guaranteed last week revealed that subject to Financial Services Authority approval, the companies are merging. Initially they will trade as separate brands, with John Smith, managing director of GHL, joining the existing Genesis directors in forming a new board. However, Gardner says it is not yet known how long the companies will work under separate names, or even if a new name will be created. He says he hopes the merger will create jobs in the company but that it is too early to say whether it will create jobs in the wider industry. Gardner says: “In terms of new staff, it will depend on how the business develops and this will be dictated by the market.” In June this year, the directors of Genesis purchased the entire shareholding in the mortgage network, packager and branded lender back from Mortgages PLC. But Gardner says this will be a different relationship to the one Genesis had with MPLC. The network compliance function for the merged company will be based at the Genesis office in Peterborough though network arrangements will continue independently during the transition period. The Genesis packaging operation will move to Guaranteed’s Maidstone premises, with branded lending operating from the Genesis office in Peterborough.
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From Andrew Green It’s about time to set the record straight: if a valuation fee is paid to the broker or packager, permission to hold client money is required. The statements below are taken directly from the FSA’s website. Q: When is money received and held by mortgage intermediaries considered to be client money? A: […]
Mortgage Trust, the specialist buy-to-let lender, has developed suite of products to enhance its mass market offering. Along withcompetitive rates none of the products have extended tie-ins and all enjoy full flexibility. The Mortgage Trust mass market range is available to a broad spectrum of buy-to-let investors including limited companies and expatriates, and boasts a […]
GE Home Lending is to increase its activity across a number of regions in the UK. As part of this expansion, it has made two appointments to its mortgage sales team, bolstering activity in Wales, Scotland and Northern Ireland. Sally Cooper and Sandy Webster have been appointed as business development managers for GE Home Lending […]
At a time of seemingly ever-increasing good news in the equity release market, a change has slowly crept up on us while nobody was looking.
Roy Armitage, head of credit, LendInvest Selling a loan is the part of a lender’s workload most visible to brokers and borrowers. Just as crucial – but less frequently observed – is how that lender services that loan. A commitment to quality servicing is one that’s front and centre for us at LendInvest and it’s […]
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