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Lenders and packagers agree deal on corrie definitions

A new forum involving the UK&#39s main correspondent lenders and packagers has established industry definitions for the first time in a bid to end confusion in the correspondent market.

The definitions were thrashed out at the meeting in London last week organised by mortgage funder National Guarantee involving the main players in the sector, including GMAC-RFC, Platform Home Loans, Preferred Mortgages and Solent Mortgage Services.

It decided “correspondent lending” will be the term used to describe a relationship between lenders and third parties, mainly packagers, where front-end administration, including completion, is outsourced to the third party.

To avoid confusion with “through lending”, this is defined as a relationship between two lenders where one organisation uses its capital to lend money to the borrower and then sells the loan onto another lender.

The forum is also discussing setting up one trade body covering the sector to gear up for FSA regulation of mortgages set to be introduced in the second quarter of 2004.

National Guarantee managing director Keith Robinson says: “Agreeing what actually constitutes a correspondent lender, and what doesn&#39t will be a major milestone for the industry. We can bring a greater understanding of the benefits of a correspondent programme to intermediaries and their clients.”


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