View more on these topics

Brain says lenders not ready to share their data

Many lenders are not ready to share data and engage in product verification in the lead-up to M-Day, leaving sourcing systems short of information.

Mortgage sourcing and e-trading company Mortgage Brain says only 62 lenders have committed to verifying data and only 40 per cent of the 155 lenders in the market have said they will share their calculations on APR and redemption penalties.

Just 40 per cent of lenders have promised to send Mortgage Brain their KFIs ahead of M-Day.

Spicerhaart group compliance director Peter Gladdy says despite efforts from the sourcers and the Association of Mortgage Intermediaries, lenders seem disappointingly under-prepared.

Gladdy says: “Committing and actually giving data is not the same thing. This makes me think several lenders are simply not ready with the resources to verify data or their KFIs, leaving mortgage sourcers under-resourced.”

Bristol & West and HBOS are cited by Mortgage Brain as the least co-operative lenders. B&W was unavailable for comment.

Halifax press spokesman Paul Fincham says: “We are making every effort to support sourcing systems. From our point of view an intermediary will be able to get a compliant HBOS KFI that is 100 per cent accurate.”

MBL chief executive Mark Lofthouse says: “Lenders can choose to do more. It is up to them whether they choose to take advantage of our services. But we have to check the accuracy of KFIs and not offload the responsibility to lenders.”

Recommended

Old Mutual goes for all in one formula

OLD MUTUAL ASSET MANAGEMENT Old Mutual Dynamic Bond Fund Type: Unit trust Aim: Income and growth by investing in fixed-interest securities Minimum investment: Lump sum £1,000, monthly £250 Investment split: 100% in fixed-interest securities Isa link: Yes Pep transfers: YesCharges: Initial 3.5%, annual 1.25% Commission: Initial up to 3%, renewal up to 0.5% Tel: 0808 […]

Customs briefing sets out position on network VAT

Support services providers could face Vat bills on member services but traditional networks will escape the charges, according to a leading tax expert. After industry pressure, HM Customs and Excise has issued a business briefing to explain how Vat should be applied to IFA networks in the future. The briefing, which was quietly issued to […]

Close and Man hedge fund is aiming for 11% return

Close Fund Management and Man Investments have set up a hedge fund product guaranteeing initial capital. The product, which is aimed at investors looking to diver-sify their portfolios away from traditional equities and bonds, is targeting annualised returns of 11-13 per cent over the medium term and annualised volatility of 7-9 per cent. A capital […]

MCCB countdown to M-Day

The Mortgage Code Compliance Board has set out its timetable for the closure of its key activities in the lead-up to M-Day. The changes will take effect on October 31 when the FSA takes on regulating the mortgage industry. From that date, the mortgage code will no longer apply and the MCCB will end its […]

Artemis Global Income: favouring Europe over the US

With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com