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Lenders refute IMLA’s AR stats

Several leading mortgage lenders have countered claims made by the Intermediary Mortgage Lenders Association that appointed representatives are offering a better quality service than directly authorised advisers after a PMS investigation.

In May, a survey reported that two-thirds of Imla members believe ARs produced a higher credit quality of business on a consistent basis than DA brokers.

But PMS asked its lending partners to confirm or deny Imla’s claims, and all denied that there is any disparity between intermediaries.

Abbey and Alliance & Leicester for Intermediaries managing director Ricky Okey says: “The announcement from Imla proved very unhelpful. But what is more concerning is that the findings directly contradict the evidence we have, which shows that there is no disparity in the quality of applications between DAs and ARs.”

Halifax Intermediaries head Jack Saxton also says his lender has no such evidence. He says: “This really comes as no surprise to us given the excellent performance of the business placed by both DAs and ARs.”

RBS Intermediary Partners head of sales Graham Felstead and Woolwich intermediary business director David Finlay also both counter Imla’s claim. Finlay says: “We have no evidence of differences, but we are always reviewing all brokers’ performances and if we can find any differences in the future, we will share that information.”

PMS development director Martin Reynolds says: “We have been working behind the scenes to redress the balance and we appreciate this public support provided by some lenders in rebalancing the debate. This matter should now be put to bed and we all need to work together to re-engineer the future of the intermediary market rather than playing the blame game.”

Imla declined to comment.

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