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Do we need to track non-verified loans?

The Council of Mortgage Lenders recently published figures on self-certification and fast-track lending showing that income non-verified lending amounted to £147bn or 19.2% of total mortgage balances at the end of 2003.

However, the CML will not confirm whether it will provide up-to-date INV statistics on a regular basis.

So Mortgage Strategy asks: Should the CML do a regular monthly survey of self-cert and fast-track lending to provide accurate data on the size of these sectors?

Bill Dudgeon, The Mortgage Business

It was suggested last year at the IMLA meeting that the CML should publish figures on self-cert as it is a difficult market to size.

Mike Perry, Amber Home Loans

We keep track of our own lending but a regular update on self-cert and fast-track lending figures would be a positive move for the industry.

Matt Grayson, BM Solutions

Self-certification is a genuine and valid part of the mortgage market so if the CML decides to collect data in this area, we will certainly provide information.

Stuart Aitken, SPML

Income non-verified lending is relevant to affordability, on which the FSA will be placing particular emphasis. Regular, reliable statistics that show trends on self-cert and fast track lending would be helpful and much appreciated.

Harry Katz, Norwest Consultants

What difference will it make whether the CML surveys it or not? Collecting figures on this won&#39t stop some people declaring they earn more than they actually do.

Roy New, sole broker

So many people are now self-employed and have second jobs that a monthly survey on this sector makes sense .

Stuart Wilson, Inter-Alliance

With one in five mortgages done on a self-cert or fast-track basis it would be beneficial to monitor trends.

Tony Moss, Best Advice Financial Planning

What is the benefit of collecting data on this? Does the CML think there is a problem in this sector, and is it releasing data now to reassure people and calm the storm?


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