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PMN warns that backing one horse could be a costly mistake

The Professional Mortgage Network says that many would be ARs are making a serious mistake by committing to just one network says PMN.

PMN believes that as many as 20 networks won&#39t be in a position to start trading post Mortgage Day.

Dale Knight, managing director of PMN managing, says: “The Financial Services Authority will impose such draconian measures on them because their systems and infrastructures don&#39t meet the regulators benchmark criteria that it will be impossible for them to start trading.

“That&#39s obviously bad news for the networks concerned. It&#39s also going to be extremely bad news for any AR who has tied their colours to a

network that doesn&#39t pass the FSA test. These ARs are effectively going to be out of business for a considerable period unless they have a contingency plan.

“My recommendation is that anyone seeking AR status through a network should submit applications to at least three networks ‚including one of

the big names. At least then the ARs back will be covered if their preferred choice doesn&#39t make the grade. I have no doubts that failing to

have a contingency will cost an AR dear in the final analysis.”

“PMN believes many networks will fail to meet strict FSA requirements at the point when the regulator makes a physical visit to the premises of the network. This unsolicited interrogation is known as an arrow visit. PMN has established that all new mortgage networks will be subjected to an arrow visit.”


Hamptons International fights sexism charge in court

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Landlords plan to remortgage in 12 months

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Life insurance website launch

Users simply go online, complete a short application form, which should take no more than five minutes, and, subject to them meeting the wide acceptance criteria, they will receive immediate life insurance cover from Reliance Mutual, one of the UK&#39s oldest Mutual Life insurance companies. Users can also take advantage of the free, no-obligation quotation […]

MCCB research confirms affordability is key for consumers

The results &#45 from a survey of over 200 mortgage borrowers &#45 complement the mystery shopping research results published by MCCB in July. The survey covered the way affordability issues are being addressed by mortgage firms in the whole mortgage sales process. This research is the last to be commissioned by MCCB to gauge consumer […]


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