Capita v Drivers Jonas
The recent Capita -v- Drivers Jonas decision seems to have been largely missed by the mortgage trade press despite receiving some coverage in valuation related publications. However, in our view, the decision (unless overturned on appeal) has significant ramifications for lenders (residential and commercial) as well as for valuers. The claim related to a substantial […]
Vendor Due Diligence
An interesting development has been seen in the mortgage book trading scene over the past few months. Since 2007 there have been relatively few trades going on, but those that have, have been subjected to more intense scrutiny by purchasers, keen to know exactly what they are buying and how they are going to manage […]
Controlling mortgage forbearance
The recently published FSA consultation paper on forbearance (loan modification) and impairment provisions in relation to mortgages has attracted a vast amount of comment about how it could lead to greater clarification on the issues of forbearance for lenders. However, on a basic level we wonder if all lenders know just what percentage of their […]
Portfolio Maintenance – Supplier Review
We speak to numerous holders of mortgage portfolios and discuss how we can help them review their Third Party Suppliers (TPS) and ensure they are complying with their contractual obligations. They are often surprised that it’s not just the Primary Servicer and Special Servicer we are referring to, but also Litigation Solicitors, Asset Managers and […]
Proper risk assessments?
Nearly three years before statutory mortgage regulation John Tiner, the then Managing Director of the Financial Services Authority, said during a speech at the Council of Mortgage Lenders conference “We would not wish to see, for example, a relaxation of loan to value or rental cover without lenders first making a clear analysis of the […]
MMR – Regulators against self-certification
Recent Mortgage Market Review (MMR) consultations seem to confirm the regulators stance that self-certification mortgages should be consigned to history. Rockstead has never been anti self-certification. In fact, our view has always been in line with the Financial Services Authority (FSA) initial consultations, which were announced in their ‘Dear Chief Executive’ letter in February 2004 […]
Fraud on a lenders mortgage book
The recent findings from the Financial Services Authority’s mortgage fraud review indicated that although some lenders have adequate checks and controls in place, Tracey McDermott, acting director of enforcement and financial crime at the FSA, was concerned that not all lenders were embracing the findings of their review. A key aspect that was highlighted, was […]
FSA Regulation
Regulation of the Mortgage Trading Market The Financial Secretary to the Treasury announced a package of measures last month, intended to enhance consumer protection in the mortgage market. As part of the measures third party administrators and firms that buy mortgage books will now need to be regulated by the Financial Services Authority. It notes […]
