Developing the mortgage market
IMLA regularly explores issues around the mortgage market with a view to improving industry practice and customer outcomes
IMLA and AMI have published a joint framework for the governance of lender and intermediary relationships focusing on shared principles to drive the processes used by lenders in working with their intermediary partners. The aim is to ensure a fair approach to matters including panel suspension or removal so that governance processes are fair, transparent and subject to the appropriate right of appeal.
IMLA with CML and AMI produced the document Working Together; An Industry Guide to Lender and Intermediary Accountabilities and Responsibilities in Mortgage Sales and Servicing. Work is currently underway to produce a second edition to reflect the arrival of the FCA and the new rules and procedures under the MMR.
IMLA was responsible for introducing the concept of centralised mortgage processing which enables mortgage applications to be generated via intermediaries and transmitted for processing by telephone or post. This has been embraced by the majority of leading lenders and investment in systems development has helped pave the way for modern direct mortgage operations.
IMLA members remain committed to enhancing the streamlined service they already provide. They are amongst the leaders in developing electronic tracking and information services for intermediaries and borrowers, and continue to look at new products and services which can be provided efficiently through this centralised processing mechanism.
IMLA members have been at the forefront of product development not least because of their close links with the intermediary sector. Member companies continue to launch innovative new products and services, with the aim of offering borrowers greater choice and flexibility.
Innovative funding techniques enabled IMLA members to launch a wide range of wholesale money market products including capped, short and long term fixed rates and stabiliser facilities which are now widely available for borrowers.
IMLA members pioneered the process of securitising mortgage assets. Securitisation enabled mortgage lenders to remove mortgage assets from their balance sheets and thereby create capacity for further lending. This funding technique was particularly important in the mid 1980’s when the mortgage market was growing rapidly and may once again gather pace as and when mortgage demand increases.