Mortgage News
IMLA: Industry must refocus
The Intermediary Mortgage Lenders Association (IMLA) has said the mortgage market must regain its confidence after being on the defensive for too long in the face of the credit crisis.
IMLA executive director Peter Williams said it was time for the industry to focus on growth, development and product innovation, and announced it would increase its engagement with organisations across the industry to stimulate debate.
Williams said: “”It is now over three years since the start of the credit crunch and it is time to repair confidence in the mortgage industry. The market is slowly emerging from the paralysis brought on by the credit crunch, but the improvement is modest, slow and inhibited by housing market and funding fears and an uncertain regulatory environment.”
He said: “It is time for the mortgage industry to get back on the front foot and support the legitimate aspirations of would-be homeowners. We have been defensive for too long.
“We need to once again focus on growth, development and product innovation and to do this we need to address three core issues: our own reticence, the confidence of financial markets in UK mortgages and housing and the approach of government and regulatory bodies.”
IMLA said it plans to increase its engagement with intermediaries, trade bodies, networks and distributors; talk to the Mortgage Funding Group, HM Treasury and the Bank of England on the future of mortgage funding; and take up the invitation from the FSA’s Lord Turner to participate in the debate on the social and political implications of regulation.
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In addition, IMLA has announced that John Heron, director of mortgages at Paragon Group, has been elected chairman for 2010/11, while Williams becomes executive director.
Tony Ward, chief executive of Home Funding, will continue the role of deputy chairman.
New directors include Precise Mortgages managing director, Alan Cleary, and Northern Rock head of sales Richard Tugwell.
Kevin Purvey, head of sales at Cheltenham & Gloucester, will retain his position on the board. Outgoing directors included Colin Shave, Tom Gurrie and Lee Gladwell.
Heron said: “The mortgage industry has moved in the right direction this year but there is still a long way to go. IMLA aims to be at the centre of the debate and we look forward to working with all interested parties during 2011. It will be an exciting and interesting year.”