The cost of mortgage regulation to the finance industry has been estimated at £500m.
The Financial Services Authority (FSA) originally estimated the cost at £150m but the Council of Mortgage lenders recently put the figure at £250m. However, in a speech at the Building Societies Association (BSA) annual luncheon yesterday, BSA Chairman, John Parker said he believed the true cost to be more in the region of £500m.
Speaking to Jane Dawson, Head of Press & PR at Moneyfacts, Mr Parker explained that the cost would almost certainly be passed on to consumers. He said that the industry was not against regulation, but commented: "The FSA is using a sledgehammer to crack a nut."
The Hub gives instant links to lender online KFIs, dedicated phone lines and the Moneyfacts email KFI request service. The email request service enables brokers to automatically email their KFI requirements to lenders who then send back the completed KFI via fax or email.
The KFI Hub can be accessed FREE by users of eMoneyfacts and Moneyfacts MortgageSearchScreen – a combined audience of over 10,000 intermediaries.
The Hub also gives intermediaries details of other services offered by lenders including online applications, online applications in principle, online case tracking and downloadable application forms. It also has a unique commission comparison detailing fees paid by lenders, mortgage clubs and networks.
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