This week’s top five stories:
1) FCA to provide Consumer Credit Licence rebates firm-by-firm
Consumer credit licence holders will receive a refund based on how recently they renewed their licence, the government has announced.
2) Ferrari-loving £15m mortgage swindler faces jail
A mortgage fraudster who swindled both investors and property firms out of £15m has been sentenced to 11 years in jail.
3) EU passes Mortgage Credit Directive
EU lawmakers have adopted the EU Mortgage Credit Directive after years of negotiations.
4) Typical broker placed 74 cases this year – BDRC
The typical mortgage broker placed 17% more cases this year than the previous 12 months, research from BDRC Continental has found.
5) Checklist: the six key MMR challenges for lenders
Mark Walker-Smith, client director at training and competency specialists Worksmart, identifies just some of the key points lenders must bear in mind when it comes to MMR compliance.
Here are some stories you may have missed:
Negotiating the post-MMR world
Personal Touch has spent the autumn updating its members on the Mortgage Market Review. Julia Rampen attended a London workshop to find out more.
Look out for Help to Buy fraudsters – xit2
Lenders have worked hard since the FSA’s 2011 Mortgage Fraud Thematic Review to combat mortgage fraud, with sophisticated technology systems being introduced to increase third party oversight in order to reduce risk, writes Mark Blackwell.
Borrower rate apathy risks repayment ‘time bomb’ – economist
Borrowers’ reliance on historically low mortgage rates is creating a repayment “time bomb” ahead of a tightening in monetary policy, an economist has warned.
Ex-B&B finance director hit with £30k fine for conduct failings
The Financial Conduct Authority (FCA) has fined Christopher Willford, the former finance director of Bradford & Bingley (B&B) £30,000 for failing to provide the board with up-to-date information about B&B’s financial position, including profits, mortgage arrears and re-possessions, ahead of its 2008 rights issue.
Carney will act to dampen ‘warp speed’ housing market
Bank of England governor Mark Carney will act to prevent the housing market growing at ‘warp speed’, and said there are economic tools he can use other than keeping interest rates low.
