Mortgage Fraud – the threat grows
The mortgage market continues to stabilise, with 2015 gross lending numbers estimated at £220.3bn, an 8% increase on 2014’s total of £203.3bn. With the Bank of England stating that a rise in interest rates is not on the cards for the foreseeable future, lending volumes will continue to increase with solutions in traditional, complex and […]
Countdown to MCD – ready on all fronts?
Suddenly, the implementation of the Mortgage Credit Directive (MCD) on the 21st March 2016 doesn’t seem far away. Amongst all the commentary on the rights and wrongs of the upcoming changes, it is sometimes difficult to remember the purpose of the legislation, which is to introduce a European framework of conduct rules designed to encourage […]
Dangers of Real Estate Owned (REO) portfolios in Catalonia
A new Law Decree was implemented on 27 March 2015 by the Generalitat de Catalonia, together with further rules set by the Law Decree 67/2015 dated 5 May 2015, which may affect portfolio investments from a timing and cost perspective. The first new law adopts a series of measures e.g. communicating formally to the Agència […]
Regulatory challenges – are lenders truly ready?
As we come towards the end of another year, the focus, particularly in the mortgage industry, remains firmly on regulatory matters. Most lenders are in the final stages of testing systems to ensure they comply with the Mortgage Credit Directive (MCD) which comes into force in March 2016. The industry still has a chance to […]
Vulnerable customers and collections processes
Payment performance, particularly over the last couple of years, is a critical issue for acquirers of mortgage assets. In a continuing low interest rate environment it is essential that existing customers are handled in a compliant manner. There has been recent commentary about the effect an interest rate rise could have on the performance of mortgage […]
Regulatory Risk
More on the Mortgage Credit Directive from Rockstead. A timely warning from the Financial Conduct Authority (FCA) has been issued to both intermediaries and lenders highlighting the inherent dangers that are on the horizon if they are not prepared for implementation of the Mortgage Credit Directive (MCD) by March 2016. From an introducer’s perspective, offering […]
Mortgage books are selling above par – based on what?
Figures released recently by the CML show gross lending in Q2 of 2015 at £52.2billion which is a welcome boost for the industry. The re-entry of investment banks and hedge funds providing funding lines to support the traditional savings model has resulted in mortgage lending levels being at their highest since 2008. Now further funding […]
Senior Managers Regime (SMR)
The SMR regime came into force on the 7th March 2016 for individuals working in banks, building societies, credit unions and Prudential Regulation Authority (PRA) designated firms. What is not apparent to many is that the legislation will be extended to cover all companies authorised under the Financial Services and Markets Act 2000 (FSMA) by […]
CMC Risk Update
We are aware that Claims Management Companies are facing some real challenges at the moment but there is a further regulatory change that is on the way. We have produced a Risk Update for your information, which focusses on the Senior Managers Regime (SMR). This is the first of what will be a series of […]
New Lender Origination Reviews
A recent freedom of information request submitted to the Prudential Regulation Authority (PRA) by a leading industry magazine has revealed that, since January 2016, 13 banking licence applications have been submitted to the regulator. A number of new mortgage lenders have also been authorised and launched during the same period. The New Bank Start up […]
