The Council of Mortgage Lenders has lost nearly 20 per cent of its associate membership since the end of 2007 at a cost of more than £125,000 a year.
The CML has 133 full members and 86 associate members, which are firms such as solicitors, mortgage administrators and technology providers. At the end of 2007, the council had 105 associate members and 163 members. The cost of being a CML associate is £6,610 per year as well as a £1,525 joining fee. Cost for full members depends on the size of the lender.
A CML spokesman says the number of associate members reflects the business opportunities in the mortgage sector. He says: “Associates do move in and out of the industry but sometimes it is cyclical. It depends on their commercial strategies.”
Technology provider Xit2, which became an associate member this week, says it joined the CML because it wants to align its business as closely as possible to the needs of lenders.
In a speech to the CML annual conference last month, director general Michael Coogan said he expects that the number of full members will decline further next year.