Private Label yields to flak over non-statuscommission
Article Abstract:
Private Label's non-status mortgages will contain maximum broker commission of GB 400 standard fee per case, compared with GB 1,000 previously, it emerged in July 1998. The UK-based mortgage packager revealed that both the Office of Fair Trading and Consumers' Association have voiced fears over an increased emphasis on the non-status sector by packagers and brokers together with the subsequent rise in fees. Private Label also plans three months after the mortgage's completion to return GB 500 to the customer.
Comment:
Reports that non-status mortgages will contain maximum broker commission of GBP400 standard fee per case
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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CML ditches trading platform on Internet
Article Abstract:
Following Cheltenham & Gloucester and Abbey National's decision to withdraw from the internet-based mortgage scheme in September 1998, the UK Council of Mortgage Lenders (CML) has decided that co-ordinating the system would no longer be feasible. Lenders have criticised the trading platform's lack of control and complexity and its launch has now been delayed until spring 1999. The CML also noted that the so-called millennium bug had caused a shortage of information technology resources.
Comment:
UK: Council of Mortgage Lenders decides that coordinating the Internet-based mortgage scheme will no longer be feasible
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
User Contributions:
Comment about this article or add new information about this topic: