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't 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?