View more on these topics

Pink prepares check list to help brokers

Pink Home Loans has devised a five-point check list including transitional business, income, criteria, Key Facts Illustrations and facilities available to help intermediaries through the period after regulation.

Dev Malle, Pink Home Loans associate director, says: “We feel it’s important for intermediaries to be extra vigilant at the moment and there are several key areas they need to pay particular attention to following the regulatory change.”

Malle says lenders have taken different approaches to how they treat pipeline cases and points out that even a broker who uses a limited number of lenders needs to understand the lender requirements.

Malle goes on to say that anyone who has decided to follow the AR route needs to ensure they understand how they will be paid and when.

To be extra safe in their interpretation of the rules, many lenders have reviewed and changed their criteria – in particular lenders who offer self-cert products.

Malle says it’s also important that brokers use lenders’ websites for KFIs.

He says: “It’s simple – sourcing systems won’t guarantee KFIs, but lenders will. Use the sourcing systems for sourcing and lender websites for KFIs.

Malle also stresses that it is important for brokers to understand the facilities lenders are making available to them.

He adds: “Much will depend on whether you have AR or directly authorised status, but examples where you may have lost access to lenders’ facilities will include express payments, online case tracking and BDMs.”

Recommended

Financial sector in murders shock

The financial services industry was rocked last week by the killing of a Legal & General director and a Bank of Scotland employee at their homes.

FSA could be reformed to reduce regulatory burden

The Financial Services Authority could be reformed to reduce the regulatory burden on small businesses, under plans revealed in the chancellor’s pre-Budget statement last Thursday.

haart predicts renewed confidence for 2005

haart is predicting that house prices will continue to stabilise during 2005 with steady growth in the second half of the year.the largest independent estate agent in the UK and Europe, Russell Jervis, managing director of the independent estate agent, says: “2004 has been a game of two-halves for the housing market. “Prices rose steadily […]

CETA warns brokers not to run the risk of mis-selling insurance

CETA, believes the majority of mortgage brokers could be responsible for inadvertently mis-selling accident, sickness & unemployment insurance policies after the introduction of regulation on January 14.David Quick, managing director at CETA, says: ‘At the moment, most mortgage brokers have a limited number of options when selecting an ASU policy for their clients and its […]

Newsletter

News and expert analysis straight to your inbox

Sign up