Mortgage Business

It was the date that transformed the mortgage business.

The mortgage date eventually came, but how did Monday, 1 November, differ from the last business date outside the full legal framework and how does the new system affect the brokers' work? Most of the creditors have updated their IT frameworks in response to the extra information requirements of the CFI regulations and in some cases have replaced them in a very timely manner.

According to a lender poll, most creditors say they had some kind of system in place, but for a significant number this was only a transitional system. Meanwhile, four broker asked four companies about the realities of struggling with the problems of CFIs and other questions raised by mortgage regulations.

It says that the way of selling under full regulatory has not altered, but there is more focus on details. Due to the reluctance of some creditors to prepare for CFIs, it will be hard to sustain business level, Paterson states. At M-Day, agents had to waste a lot of effort to register on the lenders' web sites in order to obtain exact CFIs directly.

With a view to the future, Roberts anticipates that with the additional reports and other demands according to M-Day, the volume of mortgage business handled will decline and possibly not return to the level of pre-regulation. It says that this has affected profitability and that from the very first days many consultants can count on their outstanding case numbers to build up.

HBOS ends TMB mark - mortgage strategy

HBOS unveiled this mornings that it is ending The Mortgage Business to streamline its mortgage business. Founded in 1989, TMB is integrated into BM Solutions under the management of recently named CEO Nigel Payne. TMB transactions must be completed by 22 August. IF's Cammy Amaira, who is the company's new Director of Sale, is currently in negotiation with the HBOS to find an alternative position within the company.

The HBOS says that the changes will eliminate double work within the company and will lead to 325 job losses by March 2009. He says that he does not expect any operational layoffs and that he will work on deploying as many people as possible elsewhere within the HBOS family. Nigel Stockton, CEO of HBOS intermediaries, says in an executive briefing with Mortgage Strategy: "BM Solutions currently operates as much packer business as TMB.

Mr Stockton insisted that there was no shift in the lender's mortgage policy and that he would continue to plan to offer one in five UK mortgage loans.