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I-Group looks to loan code

Sub-prime lender the I-Group says it is hoping to operate within the mortgage code following severe criticism from rivals that it is ducking responsibility by failing to do so.

The sub-prime lender has been widely criticised by competitors for failing to operate under the rules set out by the Mortgage Code Compliance Board.

I-Group, which previously traded as Ocwen, says it had to get its own house in order before it joined the code.

The lender says it wanted to wait and see where regulation was going before it joined the MCCB.

A company has to have been trading for more than 12 months before it can join the compliance board.

I-Group says it is a “grey area” whether it could have joined as I-Group because it had already been operating as Ocwen.

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