The Intermediary Mortgage Lenders' Association has failed to break its deadlock over which mortgage trading platform it should join despite two rounds of negotiations.
Imla chairman John Heron admitted this week that the association will not be joining either Mortgage Brain or IFonline in the near future after its members again failed to agree on which platform represents its best option.
He says the lenders were even unable to decide whether they should acquire an equity stake despite lengthy discussions and the membership being unanimously in favour of joining a platform.
The news will come as a blow to both platforms, which had hoped to gain the backing of the trade association which represents over 20 lenders.
But both IFonline and Mortgage Brain say some of the major Imla lenders are signed up with one or other of them on an individual basis anyway.
Heron says: “Imla members are unanimously in favour of joining a platform but the membership cannot agree on which to support or whether we buy an equity stake. As a result, it is inappropriate for Imla to support a single platform.”
Mortgage Brain sales director Mike Green: “It would have been nice to add Imla to our supporters but some of the lenders are already members of our platform.”
IFonline marketing manager Richard Hurst says: “We think it is right that Imla should remain in its existing position with lenders making their own decisions.”