The buy-to-let lender said its membership with the trade body would allow it to play a part in industry-wide decision making, while also contributing to data used by mortgage experts which it will use for benchmarking its lending and credit processes.
The CML said in order to be eligible to join the trade body, mortgage lenders must either be regulated by the Financial Conduct Authority (FCA) or be a buy-to-let lender.
Earlier this year, Landbay became the major funder for Keystone’s buy-to-let new classic range and just last month hired former Paragon Group’s Paul Clampin as its chief lending officer.
John Goodall, CEO of Landbay, said: “While our business model is highly innovative, our approach to mortgage lending standards are founded upon industry expertise. The CML provides a fantastic network and resource for us to use in fortifying our lending processes as our lending picks up pace.”
Paul Clampin, chief lending officer of Landbay, said the lender wanted to be more involved in the work carried out by mortgage stakeholders. CML members account for 95% of the residential mortgage lending market and the trade body regularly lobbies the government on mortgage industry issues.
He said: “We are looking forward to being involved in the effective work the CML conducts with the government. We are already doing this on the peer-to-peer side of our business via the P2PFA and we are excited to play a tangible role in the development of future changes to mortgage legislation.”
