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Cost of HIPs to hit consumer

The cost of Home Information Packs will hit the consumer, the Council of Mortgage Lenders warned today.

Alex Solomom, policy officer at the CML, says: “There are many ways to pay for the packs, but the cost will come from the consumer, the question is when will it hit the consumer.”

Solomon also says there are problems as to when the cost will hit the consumer. He says the question is whether the customer will pay for the HIP before the offer goes through, or wait until after completion, which will mean the lender substituting the cost.

There were also questions raised about securitisation and whether or not the pack will include a valuation.

Lenders are worried that if the packs include a valuation, and that valuation turns out to be wrong, then they would not be protected.


Industry adapts smoothly to regulation

Leading industry figures told delegates at the Council of Mortgage Lenders annual conference that the transition to statutory regulation has been a smooth one and that everyone will benefit from the Financial Services Authority regime.Stuart Bernau, commercial and treasury director of Nationwide, gave his opinion on the mainstream market sector. He told the audience: “Though […]

TMB installs TheMortgageWeb

The Mortgage Business has installed TheMortgageWeb interfacing package from SDS Applications.The software will initially be configured to allow TMB to communicate electronically with packagers. This will help alleviate the need for re-keying cases and reduce errors by connecting TMB with one of its main sources of business.Based on industry standard XML, TheMortgageWeb allows a lender […]

Brits to spend record amounts on Christmas DIY

The average Brit intends to spend 1,426 improving their property this quarter, says the Alliance & Leicester Mortgages movingimproving index. The figure is the highest this year and is 12% more than last quarter – 1,270 – and 10% more than this time last year – 1,300.With their nearest and dearest likely to pay a […]

Cartel claims 2004 as most successful year

Cartel Marketing says it has completed its most successful trading year to date by being recognised as one of the UK’s top 100 fastest growing private companies.Amongst its achievements in 2003/2004 was the recruitment of a further 250 staff at its Manchester head office at Exchange Quay, nationwide and Indianoperations.In addition, Cartel has invested in […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


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