Asset Sales Continue to Stimulate Market
The buoyant market continues, for the private equity firms who use securitisation as one of their funding sources. High street banks, driven by capital realignment, remain focussed on offloading mortgage portfolios originated in the run up to the financial crisis. Additionally, the UK Government is pressing ahead with its ongoing programme of asset disposals from […]
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 […]
Are Customers in Arrears Being Treated Fairly?
Lenders and third party servicers will be interested in the contents of the recent Financial Conduct Authority (“FCA”) consultation paper – which has been published as a prequel to issuing guidance around the treatment of customers in arrears. In June 2010, the Financial Services Authority ruled that lenders must not automatically capitalise arrears. Instead, lenders […]
Back to basics with loan data
As the only truly independent due diligence provider in Ireland, we have been involved in most of the loan sales activity over the last four years. Our involvement has included data, compliance and process reviews as well as full due diligence exercises, but we remain to be convinced that companies selling loan portfolios are managing […]
Staffing Services for new entrants
With the mortgage lending sector now firmly recovered, new lenders have come to market, bringing new methods of risk assessment, backed by innovative technology solutions. However, the value of experienced staff in the form of underwriters, collectors and compliance experts has not changed. One of the key findings of the MMR was that the regulatory […]
Reputational Risk
Reputational risk is a hidden danger that can pose a threat to a company resulting in lost revenue or increased costs. At its most destructive it can wipe out millions of pounds in market capitalisation and can result in significant changes to the management structure. Arguably a lot of problems can be mitigated by strong […]
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 […]
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 […]
Growth in lending from new and existing players
Following on from last month’s update, it is encouraging to observe that the funding constraints and difficulties of the past few years appear to be rapidly disappearing. This is evidenced by the announcement of a new lender to the market place, backed by a global investment firm, who clearly has no issue in providing both […]
Solving the title deeds challenge
The recent activity in property portfolio trades in Ireland has highlighted the lack of attention given to the registering of title deeds by lenders during the boom and this has led to significant problems when it comes to carrying out verifications on behalf of the potential portfolio purchasers. In some cases it has been shown […]
