Trust v Verification
There is high trust factor involved when you work with different Master Servicers in different jurisdictions. It is very common in the industry to reach agreements with a “Skin in the Game” approach, where profits are shared once targeted internal rate of returns or recovery rates are achieved. Due to the complexity of running several […]
Selecting and monitoring your third party suppliers – a case study
We have previously reported on the importance of carrying out due diligence on suppliers. Behind any well-presented “sales pitch” by suppliers is the seemingly obvious need to ensure that your individual business requirements can be accommodated within your chosen supplier’s processes. We have been in dialogue with one of our customers who commented on the […]
Lenders under pressure?
The Central Bank of Ireland (CBI) recently published results for 2012 and preliminary data for the first quarter of 2013, which showed a lower growth rate than expected and suggested a only a ‘muted recovery’ in activity for this year. Specifically within the banking sector, the report shows improving liquidity and deleveraging, but there remain […]
Regulatory changes – putting the consumer first
Whether holding asset or actively lending, it is vital that businesses are putting the consumer at the heart of their business models and strategies. The Financial Conduct Authority (FCA) suggests that this fundamental principle may involve “making cultural changes that promote good conduct outcomes throughout the business”. Firms must establish appropriate oversight and governance around […]
Regulatory Update – Ireland
In the UK the face of regulation has changed dramatically and the implementation of the Mortgage Market Review (MMR) in April 2014 adds to the issues lenders need to consider. In Ireland, lenders have also faced a barrage of new or amended regulatory requirements and we are taking the opportunity to list some of the […]
Due diligence on third party suppliers
At last we are seeing significant uplift activity within lenders in the generation of new residential mortgage business and the time will soon come when the “spotlight” turns to the servicing of these loans as volumes increase. Historically, within lenders, increased volume has resulted in either a less than stringent focus on the quality of […]
CCMA Webinar Briefing Notes
Thank you for your interest in our recent WEBINAR briefing on the revisions to the CCMA. We had good attendance levels and a significant number of questions after the event to ask for our help in providing more in depth gap analysis. During the briefing, we highlighted the fact that whilst only a few of […]
Interest Only – It Can’t All Be Bad?
We have previously reported on this topic on a number of occasions, but, since our last comments, a particular aspect has been taking prominent space in the trade press and it has been under the headline of another potential mis-selling scandal. Various Claims Management Companies (CMCs) have been focussing on the potential for individual borrowers […]
How are your Policies and Procedures holding up?
New approvals in the mortgage lending industry continue to show an upward trend and the “doom and gloom” of the past few years is starting to lift. There are already signs that competition amongst lenders is becoming more intense and when the current focus on keen interest rates becomes un-competitive from a profitability perspective, there […]
Fraud Reviews
In June 2011 the FSA produced a thematic review looking at mortgage fraud being perpetrated against lenders and visited a number of mortgage lenders to specifically assess their anti-fraud policies and procedures. One of the findings was summarised as “While the majority of firms had systems in place to track and manage mortgage arrears, few […]
