Mortgage Strategy back issues from February 2005:
Packagers still play a key role.(Brief Article)
Feb 07, 2005 ... Hardly a day goes by that packaging and packagers don't find themselves under fire and now some pundits are beginning to question their usefulness in the process of selling mortgages altogether. Mortgage Strategy is the first to admit that we haven't given this sector an easy ...
Online decision.(technology application by Mortgage Express)(Brief Article)
Feb 07, 2005 ... Mortgage Express has turned to xit2 to provide it with an online system to manage external valuations. The ...
TMO shuts down network.(Facility closures of The Mortgage Operation)(Brief Article)
Feb 07, 2005 ... The Mortgage Operation has closed down its network to focus on packaging, and predicts other networks will be forced to close their doors too. TMO managing director Mark Charlesworth claims he never had any aspirations to set up a network in the first place but did so to offer ...
Platform denies plan to cut out packagers.(technology application)(Brief Article)
Feb 07, 2005 ... Platform has denied rumours it is to launch a 100% online processing system that would exclude packagers. There have been industry rumours that the Britannia intermediary subsidiary lender is planning to deal directly with brokers and remove packagers from its distribution. ...
BMS launches Premier Unit to enhance service.(BM Solutions)
Feb 07, 2005 ... BM Solutions has launched a Premier Unit at its Cardiff-based processing centre, designed to provide a higher level of service to its key accounts. The pilot scheme has been launched exclusively with its five key London accounts - Savills Private Finance, Hamptons International ...
Platform joins onsite panel.(Brief Article)
Feb 07, 2005 ... Platform has joined Network Data's panel of onsite lenders. Platform applications will be processed as they arrive at Network Data's head office ...
NU leads the field in lifetime deals.(Norwich Union)(Brief Article)
Feb 07, 2005 ... Figures from Safe Home Income Plans show Norwich Union to be the UK's leading provider of lifetime mortgages with a 2004 market share of over 40%. NU ...
Key accounts appointment.(Mortgage Promotions)(Brief Article)
Feb 07, 2005 ... Mortgage Promotions has appointed John Hague as key account manager. Until last month Hague was intermediary sales manager with Coventry and brings ...
SPML moves to larger offices.(Southern Pacific Mortgage Limited)(Brief Article)
Feb 07, 2005 ... Southern Pacific Mortgage Limited is to move to the City of London headquarters of its owner, Lehman Brothers, where there will be space for its planned expansion. SPML, a top 20 lender, employs over 400 staff and in 2003/04 achieved a record #2.3bn completions. It will ...
FSA launches credit self-assessment tool.(Financial Services Authority)(Brief Article)
Feb 07, 2005 ... The Financial Services Authority is to launch a credit self-assessment tool to try to alert people about the dangers of debt. It is hoped the scheme will be in place by July or September this year. Robin Gordon-Walker, spokesman for the FSA, says: "The credit assessment will ...
Broker claims BMS cross-sold insurance to his clients.(BM Solutions)(beliefs of Andrew Bartlett of AB Financial Services)(Brief Article)
Feb 07, 2005 ... A broker has hit out at BM Solutions for cross-selling insurance to his clients without his permission. Andrew Bartlett, principal of AB Financial Services, says he was outraged to discover BMS was offering his mortgage clients general insurance products through Legal & ...
On the road.(Mortgage Times Group)(Brief Article)
Feb 07, 2005 ... The Mortgage Times Group has launched a series of roadshows aimed at introducers, appointed representatives and directly authorised ...
Specialist range.(Brief Article)
Feb 07, 2005 ... Mortgage Trust has launched a mortgage range accessible only via a specialist packager panel. The range encompasses buy-to-let ...
Exweb additions.(Brief Article)
Feb 07, 2005 ... The Exchange has added GE Life, National Counties, Portman and Scottish Widows Bank to the equity release trading platform on its Exweb ...
OFT refuses to grant CCL to thug broker.(Office of Fair Trading)(consumer credit licence )(Brief Article)
Feb 07, 2005 ... A violent thug has been banned from holding a consumer credit licence after the Office of Fair Trading found he had form. Hitchen-based mortgage broker Richard Hardy had his application for a CCL refused after the OFT got wind of his unlawful past. The OFT ...
Valentine's Day launch for Platform products.(Brief Article)
Feb 07, 2005 ... Platform is to launch a range of products on Valentine's Day - February 14. No details are available at the moment but Platform says the range will see it drop its margins and introduce cashbacks, while keeping proc fees at the same level. Guy Batchelor, sales and ...
FSSC consultation.(Financial Services Skills Council)(Brief Article)
Feb 07, 2005 ... The Financial Services Skills Council is to launch a month-long consultation on February 9 to seek the views of the industry on its ...
Inflation slows.(Brief Article)
Feb 07, 2005 ... The latest Halifax House Price Index shows prices increased by 0.8% in January. Despite this, prices have increased by only 1.4% over the past six months. The ...
Property service.(Brief Article)
Feb 07, 2005 ... Moneynet, an online financial data comparison service, has launched a monthly survey showing average property values and mortgage borrowing patterns ...
Bolton outlines plans for growth in 2005.(Michael Bolton of BM Solutions)
Feb 07, 2005 ... Michael Bolton is in an upbeat mood as he arrives for our meeting at the RAC club on London's Pall Mall. It's the first time I've seen him since before Christmas and the conversation immediately turns to business now he's been promoted to managing director of BM Solutions and Halifax ...
AtoM joins B-A packager panel.(contract with Burns-Anderson Independent Network PLC)(Brief Article)
Feb 07, 2005 ... All Types of Mortgages has been added to the Burns-Anderson network's panel of packagers. Dale Jannels, sales and marketing ...
Pink branded deal with First National.(Brief Article)
Feb 07, 2005 ... Pink Home Loans has launched a branded lending agreement with GE company, First National. The tailor-made portfolio provides a set of ...
Portman on acquisition trail.(Brief Article)
Feb 07, 2005 ... The Portman Group says it is on the lookout for acquisitions after making record profits of #78.1m in 2004. Although Portman is ranked as the fourth largest UK building society, it is confident it will overtake Yorkshire when its 2004 results are published to move up to third ...
BDM's question time.(business development manager)(competitions of Tracy Kavanagh and Anne Robinson of Zebra Homeloans)(Brief Article)
Feb 07, 2005 ... A newly appointed business development manager at Zebra Homeloans went head to head with Anne Robinson on the Weakest Link last week. Tracy Kavanagh managed to reach the final but was then beaten. Asked by Robinson how much she'd charge ...
Potential B2L investors lost.(buy-to-let)(market research of mortgage banks)(Brief Article)
Feb 07, 2005 ... Research from Landlord Mortgages shows that 33% of potential investors have been put off buy-to-let as they were unable to find a suitable investment property. However, the recent slowdown in ...
No housing crash predicted this year.(Brief Article)
Feb 07, 2005 ... UK Housing Economics has released its debut housing paper, explaining why there will not be a house price collapse in 2005. The paper predicts that house ...
Net deal.(Brief Article)
Feb 07, 2005 ... Yorkshire has launched a fixed rate mortgage that is only available via its website. The mortgage offers a three-year fixed rate ...
Affordability worse in 2004.(Brief Article)
Feb 07, 2005 ... Housing affordability continued to worsen in 2004 in all four national markets of the UK, the Council of Mortgage Lenders' annual review of ...
Mortgage Brain defends MTE.(Mortgage Trading Exchange)(Brief Article)
Feb 07, 2005 ... Mortgage Brain has refuted suggestions that the Mortgage Trading Exchange platform was not built on sound technology and that only smaller intermediaries will continue to use it. At a round table discussion on the topic of 100 days of Financial Services Authority mortgage ...
FSA urged not to push for new laws.(United Kingdom. Financial Services Authority)(Brief Article)
Feb 07, 2005 ... Lenders urged the Financial Services Authority not to bring in any rigid regulation on Treating Customers Fairly at Mortgage Strategy's round table last week. Tony Jones, managing director at Pink, says: "The next big initiative from the FSA will be on Treating Customers ...
Student rental deposit scheme is launched.(Tenancy Deposit Scheme)(Brief Article)
Feb 07, 2005 ... A scheme has been launched to persuade university students to protect their rental deposits and thus avoid contractual disputes. The Tenancy Deposit Scheme has joined with the National Union of Students to convey the message that losing deposits through the unreasonable ...
Infinity deals.(Infinity Mortgages enhances its product range)(Brief Article)
Feb 07, 2005 ... Infinity Mortgages has enhanced its product range. Deals include one- year discounts from 4.85%; two-year fixed and three-year stepped discounts with no ...
Smart move.
Feb 07, 2005 ... SmartNewHomes.com is offering a year's mortgage paid in full for one person who registers on the site and buys a property between February and September 2005. Entrants will have to complete ...
Rooftop joins M2-d&p panel.(Brief Article)
Feb 07, 2005 ... m2-d&p, the packaging arm of Mortgage 2000, has added Rooftop to its panel of lenders, bringing the number on the panel to 21. Rooftop ...
Call for more action on financial education.(economic policy of United Kingdom. Financial Services Authority)(Panel Discussion)
Feb 07, 2005 ... The Financial Services Authority was criticised at Mortgage Strategy's regulation round table last week for not educating society enough on financial matters. Tony Jones, managing director at Pink, says: "Much more must be done. Regulation is a lot about education, partly of ...
Prescott says Labour is the pro-FTB party.(John Prescott)(first-time buyer)(Brief Article)
Feb 07, 2005 ... Deputy prime minister John Prescott claims only Labour will offer more people the opportunity to get onto the housing ladder and warns Tory cuts would mean fewer affordable homes. Speaking at the Sustainable Communities Summit last week, Prescott told delegates: "Labour is ...
Property protals get it together.(Internet Property Finder Ltd. merges with Asserta Home Ltd.)(Brief Article)
Feb 07, 2005 ... Two of the largest property portals propertyfinder.com and assertahome. com are merging to create a single portal for independent agents. The site will ...
Muslim model.(Metropolitan Home Ownership's new service)(Brief Article)
Feb 07, 2005 ... Metropolitan Home Ownership is pioneering a homebuying model to help Muslims access key worker schemes and ...
Call for clarity on ad rules.(beliefs of Chris Cummings of Association of Mortgage Intermediaries)(Brief Article)
Feb 07, 2005 ... The Association of Mortgage Intermediaries says more clarification is still needed on the rules surrounding financial promotions. At the end of 2004 the Financial Services Authority indicated that advertising and marketing would be prime target areas to police over the coming ...
Opening goal scorer.(Secure Mortgages)(new branch)(Brief Article)
Feb 07, 2005 ... Legendary ex-Wolverhampton Wanderers player Steve Bull was on hand to open the latest branch of Secure Mortgages, last week. Bull, who scored 306 goals for the Molineux outfit, met dozens of fans and signed autographs as the company celebrated the opening ...
Optoma to announce NI franchise operation soon.(Northern Ireland)(Brief Article)
Feb 07, 2005 ... Optoma is to reveal its second franchise over the next few weeks, an operation based in Northern Ireland. Its first franchise was launched in October last year in Nottinghamshire and had written #135,000 business by the end of last month, with the average case being worth #600 ....
Mortgage Clinic to generate leads.(advertising)
Feb 07, 2005 ... Llewellyn-Slade PR is launching a scheme called Mortgage Clinic which will run campaigns in the national media to help lenders and intermediaries generate leads. LSPR says Mortgage Clinic offers advertorial and online opportunities for mortgage lenders and intermediaries to ...
Connells and Sequence merge corporate divisions.(Brief Article)
Feb 07, 2005 ... Connells and Sequence have merged their two corporate business divisions to create what they say is the UK's largest asset manager. It will oversee the disposal of repossessed properties on behalf of major lenders. After Connells bought Sequence in October 2003, when both firms ...
Record business for SHIP members.(Safe Home Income Plans)(Brief Article)
Feb 07, 2005 ... The 17 members of equity release trade body Safe Home Income Plans have reported record quarterly new business figures for the three months to December 31 2004. The trade body, whose members represent over 90% of the equity release sector, says the value of business written ...
Insurance at the crossroads.(Brief Article)
Feb 07, 2005 ... Moody's investors say the life insurance industry is at a crossroads with big brands likely to come out on top after a period of upheaval ....
Confidence boost.(Brief Article)
Feb 07, 2005 ... Research from property website propertyfinder.com shows a sharp upturn in confidence in the housing market with 52% of ...
Do high buy-to-let LTVs benefit clients?(loan to value ratio)
Feb 07, 2005 ... GMAC-RFC last week launched a buy-to-let product at 89% LTV - the highest in the market. Some brokers believe lenders are entering a buy- to-let war which should be good for consumers as it will lead to better deals. GMAC-RFC's move raises the possibility that other lenders will ...
Market Watch.(mortgage banks' prices and rates)
Feb 07, 2005; ... It was a dull week for swaps, inching up and down before closing at exactly the same levels they started. One-year money is unchanged at 4.95% Two-year money is unchanged at 4.87% Three-year money is unchanged at 4.87% Five-year money is ...
Analysis: Scarborough's incentive offer.(Scarborough Building Society)
Feb 07, 2005 ... Would it be better for clients if Scarborough offered lower rates rather than a TV? Stuart Johnstone is head of mortgages at M2 Financial Before advising a client, it's important to determine whether the mortgage is suitable for their requirements. While I accept that ...
Monty Burn: CII is scamming mortgage brokers on fees.(Chartered Insurance Institute's membership fees)(Brief Article)(Column)
Feb 07, 2005 ... The word 'scam' has often been applied to the mortgage and financial services industry, but this should be about to change. The news last week that GMAC-RFC was blacklisting certain brokers will have the effect of cleaning up the industry and reducing the use of that word. ...
On the beat.(lenders)
Feb 07, 2005 ... In our professional lives we have to adapt to change but the volume of change thrust upon us can be bewildering. Technology, regulation and products and lending criteria are the usual suspects. But some things are slower to change. Can you recall the last time a lender talked ...
House price inflation.(Brief Article)
Feb 07, 2005 ... I'm pleased that the UK's residency at the top of the European league of house price inflation ended last year, according to the Royal Institute of Chartered Surveyors. Why so pleased? Well, inflation is inflation - and it's not a good thing. High housing costs mean less disposable ...
Nick's notes.(consumer credit)
Feb 07, 2005 ... In my first column I mentioned the #27bn savings gap in this country. Another piece of research I've seen recently emphasises the balancing act consumers are indulging in with their finances - there are now more credit cards than people in the UK. A staggering 67 million credit cards ...
Financial health matters.
Feb 07, 2005 ... This first article in a three-part series examines the changes proposed to the Consumer Credit Act 1974 to create a fairer and more competitive credit market. The government has blown the dust off the CCA which originally came into force when there was only one credit card, debt was a ...
Letter: Platform decision shows quality packagers will thrive.(Letter to the Editor)
Feb 07, 2005 ... From John Rice Platform's decision to pay more to packagers who submit quality business is welcomed by RAMP's 11 members (Mortgage Strategy, January 31). Such an initiative rewards the hard work we at RAMP have put in to raise standards in the packaging sector via ...
Letter: Ideas and predictions for the next phase of market change.(Letter to the Editor)
Feb 07, 2005 ... From Maurice Edgington I have a few ideas and predictions that may be of interest to readers: Ask the MCCB to return surplus fees to us so we can pass them on to the FSA. Someone on the consumer side will spot the length of the chain between the ...
Letter: JSK misses the main point of mortgage brokers' websites.(Letter to the Editor)
Feb 07, 2005 ... From Peter Parsons I agree with most of what Jeff Sutherland-Kay said when he reviewed my website (Mortgage Strategy January 24) but I think he may be missing the main point of websites - to attract mortgage or loan enquires. It's great having a website that does ...
Letter: Stay on the right side of the FSA and you'll have no trouble.(Letter to the Editor)
Feb 07, 2005 ... From James Rodea When I arrived at work on January 3 my first job was to open the post. We had only one letter. It was from the FSA letting me know that Cluttons Private Finance was to receive its first visit. My initial thought was one of dread but after a quick look at the ...
Politicians must look at the facts.
Feb 07, 2005 ... As the Budget approaches, increasingly heated political comment regarding the mortgage market should be informed by robust research such as the CML's annual review, says Rachel Blackmore As the Budget approaches, comment on the plight of first-time buyers is reaching fever ...
A View From The floor.(residential construction for workers)(Brief Article)
Feb 07, 2005 ... John Goodellow, chief executive of Skipton, says his society is supporting a housing initiative intended to preserve working communities in the Yorkshire Dales Communities in the Yorkshire Dales are in line for a #10m cash injection to safeguard their future thanks to Skipton. ...
Proc fees are too low, not too high.(procuration)
Feb 07, 2005 ... Mortgage intermediaries are doing more work than ever for less reward than usual and yet they are still expected to accept lenders' justifications for proc fee reductions, says Ben Stafford Once in a while a sense of bravado, mischief or naivety prompts a lender pundit to pen ...
Ensure you have an effective brand.
Feb 07, 2005 ... Even for the smallest mortgage brokerages, effective brand-building is important in a financial services sector that is becoming more crowded and competitive, says Richard Farr Think of memorable brands in the financial services industry and you automatically bring to mind ...
AMI, AIFA, PFS, CII - Acronyms R Us.(business associations)
Feb 07, 2005 ... Though the subtelty of the lonely hearts ad and the jargon of the macro- economist might elude us, we should at least understand the acronyms in our own industry, says Richard Griffiths RIP - MCCB, GISC, LIA, SOFA not to mention PIA, LAUTRO and FIMBRA; the predecessors of the ...
Proactive FSA supervision will weed out the charlatans and pretenders.(Financial Services Authority)
Feb 07, 2005 ... Along with other directly authorised firms and networks, Network Data has now been informed by the FSA of supervisory arrangements, requests for action and the name of our relationship supervisor. So what, you may ask. Well, it does show the leviathan that is the FSA is ...
Our sector can boost its profile.
Feb 07, 2005 ... Paul Griffin, managing director of Smart Move, says the mortgage sector must use its imagination to move up to the next level in terms of consumer awareness and perception The authors are right. It's difficult to get noticed in a world of oversupply, and this applies to the ...