Genesis business development director Nigel Gardner says legal contracts from lenders are only now arriving on his desk to be signed.
Lenders have been revising packaging agreements but seem to have left it too late according to Gardner.
Lenders have been asking for the contracts to be signed and sent back by November 1. But Gardner says he has been receiving contracts as late as last week and one even arrived on Friday October 29.
Gardner says: “There is no way they are going to get these back for Monday. They have been informed of this.”
Gardner also says AR numbers have not arrived from the FSA. Gardner says: “This is an industry-wide problem that is out of our control.”