Source Software has announced it will be protecting its brokers’ renewal commission – even if they are not writing new business.
The firm said brokers who have built a book of GI business in partnership with the Source but then subsequently leave will continue to enjoy a high level of renewal commission.
AHL joins Sesame panel
Sesame has become the latest network to appoint Advantage Home Loans (AHL) to its mortgage panel.
Peter Bass, head of sales and marketing at AHL, said: “We are excited at the prospect of working closely with Sesame and its members, adding value to both its Mortgager Market and Mortgage Select propositions.”
NCC stands up for FOS
Industry pressure for changes to the Financial Ombudsman Service (FOS) to allow companies to appeal against decisions in favour of consumers must be vigorously resisted, the National Consumer Council (NCC) has said.
The NCC said that to allow appeals would undermine a system that ‘works really well’ and would shake consumer confidence in the FOS.
Infinity offers £50 online discount
Infinity Mortgages is discounting its application fees by £50 for all mortgages submitted online using the lender’s new application processing system, Infinet. The system can be accessed via Infinity Mortgages’ website: www.infinitymortgages.co.uk. It provides brokers with the ability to produce accurate KFIs and source mortgage products,
NU explores home reversion
Norwich Union have announced a feasibility study on Home Reversion plans, to add to its current dominance of the Equity Release market.
If the study proves successful the lender could enter the market before the proposed regulation of the market, which is expected to occur around 2006, following the next general election.
GMAC-RFC completes securitisation
GMAC-RFC has closed its latest securitisation, valued at £500 million, through its RMAC programme. It is GMAC-RFC’s 16th transaction in the UK RMBS market and total issuance since 1998 now exceeds £8.3 billion.
This deal is backed by 100 per cent non-conforming first line residential mortgages. This transaction has been divided into six publicly-funded tranches.
