About IMLA

Our Role

IMLA represents the views and interests of UK mortgage lenders involved in the generation of mortgage business via professional financial intermediaries.

We provide a forum for discussion and debate between members through regular meetings of our Executive Committee, which all Full members are entitled to attend. At present we meet 5 times a year and discussion is focused on the key business issues facing intermediary-based mortgage lenders.

We have developed close working relationships with the Association of Mortgage Intermediaries and the Council of Mortgage Lenders – now UK Finance – and meet regularly at secretariat level. We also hold regular meetings of a larger joint lender/intermediary group (JLIG), which enables members from all three trade associations to meet to discuss issues of mutual interest concerning practice or policy.

Membership

We currently have 39 Full and 13 Associate members (see lists below).

Full Membership of IMLA is available to any lender actively involved in the intermediary mortgage market, which has a separate and clearly defined operating structure dedicated to processing intermediary introduced mortgage business.

Associate membership is open to firms which work closely with intermediary mortgage lenders.

New members are always welcome and prospective members may arrange to attend a meeting of the Executive Committee to judge for themselves the value of membership. Please contact kate.davies@imla.org.uk if you would like to do this.

Background; IMLA past and present

IMLA began life as the Association of Mortgage Lenders (AML). The AML was incorporated in June 1988 as a trade body to represent the views of the newly emerged ‘centralised’ lenders in a rapidly changing and expanding mortgage market. These lenders had no branches and used a wholesale funding model and intermediary-based mortgage sales channel.

In 1989 Abbey National Building Society became a bank and this prompted the Building Societies Association (BSA), of which Abbey National had been a member, to consider creating a new trade body that could include both a mortgage bank such as the Abbey, the new centralised lenders plus the banks and insurance companies who had become active in the mortgage market. The AML, together with the BSA, the British Bankers Association, the Association of British Insurers and the Finance and Leasing Association came together to form the industry-wide Council of Mortgage Lenders (CML). From the outset, CML’s members included AML members as well as high street banks, building societies, insurance companies and finance houses. In 2017 the CML joined with the BBA and four other trade associations to form UK Finance. IMLA remains independent, but continues to work closely with UKF, with which it shares many members.

In 1995 the AML changed its name to The Intermediary Mortgage Lenders Association (IMLA), to reflect members’ specific expertise in and focus on all issues relating to the generation of mortgage business via professional financial intermediaries.

IMLA members were responsible for introducing the concept of ‘centralised mortgage processing’ which enables mortgage applications to be generated via intermediaries and this has now been embraced by a number of lenders.

IMLA members were active in developing innovative funding techniques through the wholesale money market products which allowed capped, short and long term fixed rates and stabiliser facilities to be created and which are now widely available for borrowers. IMLA members also pioneered the process of securitising mortgage assets.

IMLA members continue to lead the development of electronic tracking and information services for intermediaries and borrowers and to look at new products and services with the aim of offering borrowers greater choice and flexibility.

IMLA today

IMLA Membership now includes UK banks, building societies, subsidiaries of overseas banks and mortgage lender subsidiaries of UK companies set up to carry out specific UK mortgage lending operations.

IMLA is run on a day-to-day basis by its Executive Director, Kate Davies. She reports to the elected Chairman, Deputy Chairman and 3 other directors of IMLA on a regular basis and through periodic Management Committee meetings (ManCo). All members are able to attend the regular Executive Committee (ExCo) meetings where IMLA policy is discussed and agreed. Elections are held in November for the Directors: the Chair is elected for a two-year term. Members thus exercise considerable control over the direction and running of the trade body.

For a list of \past chairs\ of IMLA please follow this \link\.

IMLA Constitution

A copy of IMLA’s constitution can be found \here\. This is reviewed regularly to ensure it is fit for purpose. It was last reviewed and adopted at the AGM on 23rd November 2017. Details about the Annual Elections can be found in the Constitution.