Lancashire Mortgage Corp joins ExConn panel

Exclusive Connections has expanded its panel with the addition of Lancashire Mortgage Corporation.
Lancashire Mortgage Corporation is the commercial lending division of Blemain Group and provides commercial mortgages, land finance, development finance and bridging finance.
Lancashire Mortgage Corporation will join the Exclusive Connections panel, which is comprised of both mainstream and niche lenders and allows brokers access [...]

Praxis introduces new IT system for brokers

Mortgage packager Praxis has launched an exclusive IT platform called FastForward.
It enables brokers to, at any time, source online using the same technology that Praxis’s own sales team use. It also produces KFIs, requests DIPs, submits full cases to Praxis and provides case tracking facilities.
Praxis is currently working with several lenders to integrate the software [...]

Paradigm offers Hodge Equity Release range to members

Hodge Equity Release has become the latest provider to join Paradigm Mortgage Services’ preferred Equity Release Panel.
By joining the panel, Hodge Equity Release is offering Paradigm members access to its range of three equity release products.
Hodge also offer advisers a range of online services including: case studies, personalised illustration requests, an eligibility calculator, a flexible [...]

Expect a 35% fall in transactions say the Council of Mortgage Lenders

The Council of Mortgage Lenders (CML) has published its updated housing market forecasts for the rest of 2008 and expects a depressed market with falling house prices.
It expects house prices to be around 7% lower at the end of the year than at the end of 2007 and property transactions in England and Wales to [...]

The Commerce Centre shuts its doors to new business

The Commerce Centre will not be accepting any new enquiries for commercial, bridging or residential secured loans.
The move is permanent and means 28 memebers of staff have been placed into consultation.
Commenting on the decision, Neil Harkin, managing director, said: “I am obviously saddened and disappointed that we have to take this action particularly as the [...]

Credit crunch has turned brokers from hunters to farmers says MortgageStream

MortgageStream, the leading case management system for brokers says that it has witnessed a massive increase in brokers using technological tools to ‘farm’ their databases in the search for new business.
They have also noticed a four-fold increase in users undergoing tutorials to master functions such as the mail-merge of letters enabling them to invite clients [...]

Dual pricing is no problem, says OFT

The Office of Fair Trading has effectively sanctioned the practice of dual pricing by lenders, saying it is permissible as long as lenders do not breach competition law.
The OFT last week contacted Jane Price, broker at Nashelm Mortgage Solutions, detailing its position on dual pricing after she complained to it.
The OFT says dual pricing does [...]

Brown pledges to beef up regulation

Prime Minister Gordon Brown has resolved to strengthen the UK against future economic crises by revamping the powers of the Bank of England and the Financial Services Authority.
The Banking Reform Bill was unveiled by Brown in Parliament last week and is due to be introduced later this year.
The bill will put in place measures to [...]

FSA to crack down on fraud

The Financial Services Authority will step up its efforts to crack down on professional mortgage fraud rings.
The revelation came during a speech at last week’s Mortgage Business Expo Manchester, when a senior FSA officer revealed that mortgage fraud rings are helping to fund terrorism.
Bob Ferguson, head of financial crime policy and investigation at the FSA, [...]

Sign the vountary code, Salans urges sale and rent back providers

Following the OFT’s move to look into sale and rent back, Salans has urged providers to sign up to the voluntary Code of Conduct, in order to demonstrate to the OFT their commitment to best practice.
Caroline Havers, partner at Salans, said: “The launch of a market study into sale and rent back comes at a [...]