Contents
Lenders and brokers should form their own coalition
Partnerships have always been a central part of what it is to be human. Indeed, as the English poet John Donne noted in 1624, “No man is an island”. Yet centuries later we’re still faced with challenges as to how we understand partnership. It used to be the Prime Minister and Chancellor. Now it’s the Prime Minister and Deputy Prime Minister. It used to be one party on the majority benches in Westminster. Now it’s two parties with two colours and two ideologies, apparently working together for a joint idea of “freedom, fairness and
responsibility”. Whether the Conservative Liberal coalition will stand the test of a tough
fi ve years is a matter of debate but the central promise is laudable in principle. Freedom. Fairness. Responsibility. Ideals that we in the mortgage industry are far from right now. The lender broker dynamic has seen the power balance do a 180˚ about turn with lenders holding all the cards and many brokers left feeling shut out in the cold. Credit scoring and criteria are still prohibitive and there is a simmering mood that lenders aren’t playing fair. Dual pricing continues to rear its ugly head, with brokers decrying what is seen as lenders’ tactics for controlling business volumes and taking margin where they can. This is no longer a free market, but one under siege from debt.
The Council of Mortgage Lenders and the Association of Mortgage Intermediaries have also gone head to head in a move away from partnership and into confrontation. The CML believes branch-based intermediaries should be exempt from the FSA’s proposed individual register for mortgage advisers. AMI says if the FSA’s goal is consumer protection and raised standards of responsibility across the industry, then every single person making a material change to a mortgage contract should be on that register. Whatever the fi nal outcome for the individual register, dual pricing and the lender broker balance, the fi ght for freedom, fairness and responsibility is a goal worthy of serious discussion. Lenders and brokers should form their own coalition partnership and work together to achieve it.
Sarah Davidson, Deputy Editor
Issue 23 June 2010
Editor
Nia Williams, 0207 490 0693
Nia@thepublishinggroup.co.uk
Deputy Editor
Sarah Davidson, 020 7490 1365
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4 Buy-to-let news 5 Equity release news 6 Protection news 8 Protection information
4 News Review 6 Specialist Prime News Review 8 Buy-to-let News Review 10 Equity Release News Review 12 Protection News Review 13 Product News Analysis
12 Diary & moves
17 Letters
Have your say
What would your client get without cover?
10 Statistics
A look at house price information around the country, comparing 2009 with 2008
16 Questions from hell
All your regulatory queries answered
14 Questions from hell
All your regulatory queries answered
16 Bridging
17 Opportunities
From challenges to opportunities
18 Be positive
Start adapting from Day One
18 When Red is not enough
Why we must accept the FSA’s judgment
How bridging has been affected by the
24 Fasten your seatbelts
Alan Cleary talks about the launch of Precise Mortgages
28 Verifying valuations
Valuations need to be addressed for equity release
21 Feel-good factor
At least the World Cup is coming
22 Back to FSA basics
The impact of regulation on TCF
24 Unintended consequences
The impact of the past year
25 Focus on the future
Don’t look back with anger
38 Training
26 Wot remortgage?
When will the market pick up?
40 Commercial news 42 All change
30 Applying TCF to repossession sales
Lenders must meet their TCF targets
32 Generate extra income
Wills and asset protection could make you money
34 Boost your income, protect theirs
Why should brokers sell Income Protection?
36 Consequences of the coalition
A look at what the coalition is proposing
28 The wheat from the chaf
What 2010 will mean for short-term fi nance
Sample CeMAP questions for your CPD
29 Time to eat glass
Aldermore gives an economic viewpoint
30 Slow but steady
This is the CML’s view for next year
ADVICE TO READERS
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Information carried in Mortgage Introducer is checked for accuracy, but we recommend that you make enquiries and, if necessary, take legal advice before entering into any transactions. Any views or opinions expressed in this magazine are solely those of the author and do not necessarily represent those of The Publishing Group Ltd. All rights reserved in respect of all articles, drawings, photographs etc published in Mortgage Introducer anywhere in the world. Reproduction or imitations of these are expressly forbidden without permission of the publishers. Editorial contribu- tions requiring an answer should be accompanied by a stamped self-addressed envelope. No responsibility can be taken for contributions lost or damaged in the post. Conditions of sale and supply: this periodical is sold subject to the following conditions, namely that it shall not without the prior written consent of the publishers be lent, resold, hired out or otherwise disposed of in a mutilated condition or in any unauthorised cover by way of trade or affi xed to any advertis- ing, literary or pictorial matter whatsoever. All advertising is subject to the terms of our current rate card.
How the NACFB will work with the new regime
46 Hall of Fame
14 The bigger issue
Vote in our poll and see what the experts think
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MORTGAGE INTRODUCER JUNE 2010 317/5/10 15:13:45
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