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HML launching origination service for lenders

HML is looking to launch an origination service for lenders that want to outsource their mortgage advice.

The origination service will be mounted on the firm’s iConnect platform and is scheduled for launch towards the end of 2013.

The service will cover each step of a mortgage application, including product information, the agreement in principle, advice, servicing and credit management.

The FSA effectively banned non-advised sales as part of the mortgage market review in October. From April 2014, sales will have to be classed as advised if the lender has “steered” a customer towards a product.

HML strategic sales director Richard Hennah says: “ We have grown our capability to provide origination services for anybody who want to lend money into the market.

“Being able to outsource gives lenders a lot of control and direct contact with their customers which they lose if they go down the intermediary or web route. It is incredibly cost effective as well.

“HML is well advanced in the process of obtaining the relevant advice permission from the FSA. We would eventually be able to provide the whole advised part, from product discovery to agreements in principle, and then give the lender the completed application forms.”

HML announced last week it has signed a new five-year deal servicing Kensington’s mortgage portfolios.

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