Sally Laker, managing director,Mortgage Intelligence:
The introduction of FSA regulation may result in some brokers focusing on the unregulated commercial mortgage market instead. Although buy to let will remain popular, I would not be surprised if commercial mortgages significantly increase in popularity and become “the product of 2005” as property investors look for new niches to exploit.
As a result, more commercial lenders are responding by being more accessible and offering more support to cater for this demand and Mortgage Intelligence has already set up a commercial mortgage club to support our members, in anticipation of increased demand.
Mark Mountney, managing director,Premier Mortgage Management:
Like most mortgage advisers, the PMM staff, especially our compliance and sales teams, have been pulling their hair out with frustration at the lenders’ general inability to deliver. Many promises beforehand but most well and truly shattered but we are getting there. Our reduced panel of lenders is looking like it may return to some normality over the next few weeks and we would like to think that by the end of this, the second week of regulation, most would have fixed the problems.
Kevin Paterson, managing director,Park Row Independent Mortgages:
The whole KFI thing is a complete mess. Even as late as Monday, November 1, we had providers telling us they cannot accept new business. Alliance & Leicester say they cannot deal with some firms at all until the New Year. The overriding criticism that I have is the fact that lenders have clearly not taken these requirements seriously. This has definitely changed my attitude to some providers and Alliance & Leicester will certainly not be on my Christmas list.
Kevin Duffy,managing director,Hamptons International Mortgages:
Most commentaries that I read these days written by managing directors feature the more technical aspects of the new regulatory environment but what is not being appreciated is the extent to which managing directors now need to have a copious understanding of every facet of their businesses simply because mortgage conduct of business now overlaps into so many disciplines, such as marketing, PR and performance management.
Leadership manuals are forever advocating the importance of delegation but this is simply no longer as possible as it used to be, particularly as a company’s other directors are just as fearful of not doing the right thing and want consultation.
The implication of this is that 2005 may see less entrepreneurial spirit among business leaders as their workloads multiply and the time available for creative thinking recedes, which I feel is a pity.