Regulation
nullt was common practice for lenders
to follow each other when it came to
charging for arrearsnull one source told
Mortgage Introducer. nullveryone was
around a similar market and this will
be a nullestion of whennullnot ifnullthis will
apply to other lenders.
nullhis is causing a mighty problem
as lenders and nullnulldo not have the
staff resource to look at individuals on
a casenullynullase basis. nullere is also
another problem in that some of the
original loans will have been sold on by
the originating lender. nullthough those
loans are still serviced by nullnullit has
created a tangled web to unravel.null
nullil Warmannullnullnullchief commercial
and finance officernullcouldn’t
comment on specific clientnullie lendernull
circumstancesnullbut insists that in the
event of one of its lenders wanting to
nullake a retrospective adjustment to
the mortgage accounts we manage
for themnullthen nullnullwould work with
the lender concerned to nullelp this take
null Inullclients find themselnulls in a situation
place effectivelynull
nullere are another five lenders where they nullll into arrears then one onull
enullected to be fined by the nullnull nullt
should brokers have been aware of
their first nullrts onullcall could surely be
arrears policies that were clearly not
the adnullser that arranged the mortgagenull
treating customers fairlynull
regime will meet little resistance by nulle most contronullrsial nullonullsal is the
the manullrity onullthe sector who hanull renullired nullnction onullCnull0 nullcomnulliance
been blighted since Mnullay by the onullrsightnullnullr any firm that already has
unscrunulllous minoritynull the then null a renullired Cnull0 nullr other actinullties, this
Richard Farr
project director
nullrector onullnullI, I was committed to nullrt onullthe consultation is not an issuenull
nullelos nulllutions
seeing a nullrimeter erected around the nullwenullr nullr those firms who hanull only
industry to keenullthe bad anullles outnull undertaken mortgage business nullnd
nulle nullonullsed changes to the arrears nullere hanull been a nullw calls onulldissent hanull therenullre not had a Cnull0null this
rules should be welcomed across the nullainly nullom direct nullonulldersnullaround will be nullite a substantial stenullunullin
industrynull nulle will now hanull some clarity the cost/benefit analysis nullbut we only resnullnsibility nullr, and nulltentially cost onull,
on a subnullct that has been internulleted hanull to nullint to the cost onullnullaud that comnulliancenull
nullry dinullerently across the snullctrum is now coming out onullthe woodwork to nullis may look like strong medicine
onulllendersnullnulle could debate until the nullickly disnulltch those argumentsnull nullbut it only aligns the nullaying field,
cows come home about whether the nulle nullonullsed new customer nullnction raising standards to a sensible baseline
sinulllenders cited are in ennullrcement Cnull1 nullr home finance has a short nullrm and allowing the regulator to act more
as a result onullnullor nullactice nullor nullorly anulllication inullthe indinulldual already decisinullly inullthings go wrongnull the nullnullnull
dranulled regulationnullnull least these holds an enullsting controller rolenullis null will states: nullhese nullonullsals will hanull the
nullonullsals are clear nulland this should streamline the nullocess nullr many small least imnullct on firms and indinullduals
be celebrated, rather than dwelling on firmsnull who already conduct their business in an
counternullrguments about more change It is also nullite right that both direct anullronulliate mannernulle imnullct will be null
in times onullnullor customer onullnion and and intermediary customernullacing stanull nulllt most by indinullduals and firms who
the anullermath onullrecessionnull are included nulla nullrimeter doesnnullt work do not currently demonstrate accenullable
nulle enullension onullthe anullronulld nullrsons with a ganullng hole in itnull standardsnullnull
2null
mortgage introducer MnullCnull2010
MI p20-25_0310.indd 6 23/02/2010 11:01
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