Last reviewed 28/11/2022

Constitution of the Intermediary Mortgage Lenders' Association

The Intermediary Mortgage Lenders’ Association (“IMLA”) was established in 1988 as the Association of Mortgage Lenders (“AML”). In 1995, it adopted its current name as a way of emphasising the one common feature that unites its members, ie, selling mortgages through intermediaries. IMLA today is an active member- and business-focused trade body with a strong membership (both Full and Associate Members). More details can be found on the IMLA website www.imla.org.uk

IMLA’s Aims and Objectives

IMLA’s aim is to support the maintenance and development of a professional, profitable and sustainable intermediary mortgage lending sector.

To achieve this aim, IMLA has the following objectives:

  1. To provide a strong representative voice for all mortgage lenders whose mortgage origination strategy is actively, but not necessarily exclusively, through intermediaries.
  2. To represent such lenders’ views, both pro-actively and reactively to Government departments and agencies, Parliament, regulators, the Bank of England, the media and any other relevant bodies.
  3. As part of this, to offer a clear voice for smaller lenders in general and specialist lenders in particular who might otherwise find their views are not adequately represented.
  4. To be a source of information and research and to work with other relevant trade bodies, all as part of furthering its overall mission.
  5. To enhance the reputation of its members and the mortgage industry by the promotion of good lending practices.

Powers

IMLA is a membership trade body funded by the fees of its members (Full and Associate) and associated activities. Leadership and governance is provided by five Member-elected Directors (including the Chair) and an Executive Director, with the addition of any co-opted Directors appointed by the Elected Directors. Together they form the Management Committee or Board of IMLA.

To pursue the aims and objective set out above IMLA:

  1. Sets and collects an annual membership fee
  2. Undertakes other member-related commercial activities such as the Annual Dinner
  3. Employs a small part-time secretariat to undertake a range of specific duties
  4. Funds research and publications
  5. Engages with other trade bodies, government and regulators

Membership

IMLA has two categories of membership – Full membership and Associate membership – for both of which an annual fee is levied.

Full membership

Full membership of IMLA is available to all first-charge mortgage lending institutions which have a separate and clearly-defined operating structure dedicated to processing intermediary-introduced mortgage business.

Associate membership

Associate membership enables firms that work closely with intermediary mortgage lenders to take part in certain activities such as the Annual Lunch, Annual Dinner and other ad-hoc meetings and events. Associate Members also receive advance copies of publications including research reports.

Admission

Admission to Full or Associate membership is at the discretion of the Management Committee/Board, acting on behalf of the Executive Committee. Applications for Full membership will only be considered from lenders which meet the membership criteria approved from time to time by the Executive Committee. Once admitted to membership, Full and Associate members may signify that they are IMLA Members/Associate members, but must not imply any IMLA endorsement of products, policies or procedures.

Suspension or revocation

Membership (both Full and Associate) of IMLA may be suspended or revoked in the following circumstances:

  1. The Member ceases to be a mortgage lender (or linked to this industry as in the case of an Associate) as defined above and with its own mortgage assets or mortgage assets under management where such loans are securitised or otherwise funded off-balance sheet.
  2. The Member or Associate fails to meet the requirements of the official regulatory regime without remedying such failure or non-compliance in reasonable time.
  3. The Member or Associate misrepresents its relationship with IMLA, on a persistent basis, in advertising, promotional literature or in any other way.
  4. The Member or Associate otherwise breaches the Constitution of IMLA or brings IMLA or the industry into disrepute and is unable to remedy the situation to the satisfaction of the IMLA Executive Committee.

Management

IMLA is run through its Executive Committee and the Management Committee/Board.

IMLA Executive Committee

All Full Members are entitled to send one representative to the Executive Committee (ExCo) meetings. All Full Members are invited to put forward items for inclusion on the agenda. Additionally, specialist employees of Full Members are able to attend IMLA meetings, at the Chair’s discretion, when relevant subjects are on the agenda for discussion. On occasions, Members may be asked to vote on issues, in which circumstances one representative of each Member will be entitled to vote. In the event of a tied vote the Chair shall have the casting vote.

IMLA also welcomes prospective Full Members to come and observe ExCo meetings. Any firm which is considering membership should contact the Executive Director (Kate.Davies@imla.org.uk).

IMLA Management Committee/Board

IMLA is run by five elected Directors, all of whom serve as officers on the IMLA Management Committee or Board (ManCo). The Directors will normally be employees of Full Member firms. ManCo may also agree to co-opt a number of additional Directors.

The Chair and Directors are responsible for the strategic direction of IMLA, its budgets and its staff (contracted or otherwise). Their duties include:

  • The strategic direction of IMLA taking into account the interests of its Members and the Constitution.
  • Overseeing the work of the Executive Director and other staff (contracted or otherwise). This includes agreeing contracts and terms and conditions as well as giving support and direction.
  • Acting as cheque signatories, overseeing the finances of IMLA, setting the budgets, and ensuring the collection of annual subscriptions.
  • Taking a lead role in specific IMLA activities as discussed and agreed at ManCo/Board meetings.
  • Attending ManCo and ExCo meetings and representing IMLA at meetings with other organisations.
  • Contributing to IMLA media activity and conference presentations.
  • Ensuring sound financial management of IMLA’s affairs.

Elections for Chair and Directors

An election is held in October/November each year and the results announced at the AGM, which is held in November.

This is a two-stage process. Full Members are invited to nominate candidates. Members may nominate themselves and any number of candidates. Nominations should be for individuals who are the regular representative of their organisation on the Executive Committee. All nominees should be aware that they have been nominated, and confirm that they are willing to stand for election.

Nominations are invited by a specified date and, when this date has passed, the list of nominees is then put to the membership for the vote. Each Member may vote for up to 5 candidates.

The candidates receiving the highest number of votes will be elected. On alternate years, the person with the highest number of votes will normally be appointed as Chair, and will hold that position for two years. The candidate with the next highest number of votes will normally be appointed as Deputy Chair, though this is subject to agreement in ManCo, and the person in question will be required to stand for re-election the following year.

In the event of any individual being unable to accept the position of Chair or Deputy Chair, the remaining Directors shall agree amongst themselves who should take on those roles.

The elected Directors shall also decide how many additional Directors to co-opt – this will normally be on the basis of the numbers of votes cast for the various candidates.

In the event of a Director resigning during their term of office, there should be sufficient co-opted Directors to ensure that ManCo can continue to operate effectively until the next election takes place. If, however, ManCo decides it is necessary to hold another ballot of Members, this will be held as soon as possible.

The consecutive tenure of any Director/Chair should not exceed 10 years (in total) without a rotation off for two years.

Meetings

IMLA ExCo normally meets five times a year. Meetings are normally from 10.30am to 12.30pm. A schedule of meeting dates for the coming year is circulated to members at the AGM.

Annual General Meeting

IMLA will hold an Annual General Meeting in November each year. At the AGM the results of the elections for Chair and Directors are announced and confirmed. In addition the meeting considers the annual accounts, agrees the annual subscription, and discusses and agrees any amendments to the Constitution.

Finances

The financial year for IMLA runs from July 1st to June 30th. Each Member shall pay a subscription, which is set annually by the Executive Committee in an amount sufficient to meet the objectives of IMLA for the ensuing year and approved at the preceding AGM.

The membership fee (Full and Associate) will be invoiced for in June of each year and is payable by 31st July. Members and Associates joining part-way through a year will be invoiced for the number of months’ membership held until the renewal date. Details of the current fees are on the website. Where payment has not been received by 31st July, and the member has not been able to offer a satisfactory explanation as to when it may be expected, that member’s membership may be temporarily suspended until payment is received.

Revision of the Constitution

This Constitution shall be amended as necessary at the Annual General Meeting or, if necessary, at a general meeting of the Executive Committee, provided that at least 75% of the members present at the meeting (or in writing if not present) vote in favour of amendments of which at least 14 days’ prior notice has been given.

This version was approved at the Annual General Meeting on 24th November 2022.