The Council of Mortgage Lenders will work with its members to produce a more robust lender league table after coming under fire from GMAC.
GMAC complained to the CML after it lost 10th place in the 2005 rankings to Bristol & West. The figures failed to take into account GMAC’s year-end of December 31, 2005 and B&W’s year-end of March 31, 2006. GMAC is liaising with the CML to revise its methods used to calculate its lender league table. Seven of the 30 lenders in the table have year-ends other than the calendar year.
The CML has recently added a footnote on its table to its explain which lenders have year-ends other than the calendar year. Spokesman Christopher Dean says: “We will be working with other lenders on this issue.”
GMAC marketing director Jeff Knight says: “According to the CML, B&W took 10th position from GMAC based on lending during their financial year which ran from April 1, 2005 to March 31, 2006. This has created an anomaly because GMAC’s lending was assessed over a different period.”
The CML was criticised earlier this year for failing to have any meaningful data on the sub-prime market and for its poor methods of capturing the number of first-time buyers.