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CML forecasts lending will slow down in 2003 BM calls for full disclosure of sub-prime charges

Specialist lender BM Solutions is calling on sub-prime packagers to disclose charges fully to consumers as the mortgage industry prepares itself for regulation in 2004.

Even though packagers have been excluded from the regulatory umbrella, BM says it expects all the companies it does business with to act as if they are regulated and offer a fair deal to consumers.

It is offering a “seal of approval” to the 12 packagers on its sub-prime packaging panel to meet its criteria for treating borrowers fairly.

BM Solutions says it will be reluctant to deal with packagers which do not clean up their act but says it will work to help firms which cannot yet meet requirements such as disclosing charges.

BM says it will use the seal of approval as part of its ads and says several packagers on its panel plan to do the same.

Head of mortgages Michael Bolton says: “This is another example of BM Solutions leading change in the sub-prime market. Packagers continue to play an important role in the sub-prime market and, as we have said before, we expect to form strong alliances with the leading brands in the marketplace.

“We have pledged to drive transparency, customer choice and competition in the market and we expect the same from our business partners.”

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