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A dead cert?
Specialist products such as self certified and fast tracked mortgages have been identified as villains. Laverne Hadaway wonders if there is any future for that sector of the market?
Mortgage brokers were not the only ones to come under attack at the FSA's mortgage conference in May. Lenders, high loans to value (LTVs), high income multiples and various types of mortgage products, including self certified and fast track mortgages, were blamed for many of today's mortgage ills. The suggestion from Jon Pain, retail managing director at the FSA, was that these kinds of products have led to high levels of mortgage fraud and arrears.
Misuse
Pain ...
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- Are U.K. self-certified mortgages too vulnerable?
- Newspaper article from: Asset Securitization Report Colomer, Nora March 1, 2004 700+ words
...inherent higher risk with self-certified loans, which means...taking a close look at self-certified mortgages to make...greater percentage, if fast-track mortgages are to be...on arrear trends, self-certified lending performed...
- Lenders adopting fast-track approach to income verification.
- News wire article from: Europe Intelligence Wire December 20, 2004 700+ words
...lenders have moved to fast-track systems where income...is not the same as self-certified mortgages where you...Some of the better fast-track rates available at...and can be used on a fast-track basis for loans up...
- Self-certification option can help you fast-track loan application.
- News wire article from: Europe Intelligence Wire January 8, 2007 700+ words
...mortgage although some lenders call it a fast-track mortgage. The lender will still perform...property's value. Some of the better self certified rates available include: A very low...of the keenest rates on offer is a self-certified discount deal from First National...
- Building societies face awful truth about boom-time spending spree.
- News wire article from: Europe Intelligence Wire April 17, 2009 700+ words
...took advantage of fast-track applications to obtain...at lower cost than self-certified loans. "Fast track meant a lender would...began to fall. These fast-track loans were combined with other self-certified and buy-to-let...
- COMMENT: We're stuck with MCOB for now.
- Magazine article from: Mortgage Strategy September 19, 2005 700+ words
...in relation to self-certified and fast- track lending over the...The FSA defines fast-track lending as a process...cert lending or fast-track lending and, if...incomes should be self-certified is if clients genuinely...
- FSA launches fresh probe into self-cert.
- Magazine article from: Mortgage Strategy September 19, 2005 700+ words
...in relation to self-certified and fast-track lending over the...The FSA defines fast-track lending as a process...cert lending or fast-track lending and if...incomes should be self-certified is when clients...
- SELF-CERT: Recent developments in income non-verified lending.
- Magazine article from: Mortgage Strategy February 27, 2006 700+ words
...special range of checks for self-certified mortgages. * Under pressure...rapid decisions, lenders may fast track the underwriting process...this for lower risk loans. * Self-certified and fast-track mortgages - together with...
- Self-awareness.
- Magazine article from: Mortgage Strategy October 10, 2005 700+ words
...review aims to find out what changes lenders have instigated to their systems and controls in relation to self-certified and fast-track lending in the past 18 months, and to discover their views on developments in the sector. Most lenders...
- Interim 2004 Alliance & Leicester Earnings Presentation - Part 3.
- News wire article from: The America's Intelligence Wire July 27, 2004 700+ words
...lenders who do, but we have chosen to avoid that. The other market we have chosen to avoid is the self-certified, also disguised as fast track lending, which I think is, according to the latest CML survey, is 28% of the UK mortgage market...
- Self-cert clients urged to think Pink in short term.(Pink Home Loans, Mortgage...
- Magazine article from: Financial Adviser July 28, 2005 700+ words
GOOD rates on self-certified mortgages are available when it...future. "To that end, the new self-certified mortgage by Pink Home Loans and...clients." The newly launched self-certified three-year fixed-rate mortgage...
Source: HighBeam Research, A dead cert?