The Intermediary Mortgage Lenders Association (IMLA) has formed a cross industry Mortgage Funding group aimed at restoring mortgage market liquidity.
The Mortgage Funding group, which will be open to an industry-wide membership, will launch in early 2010 under the chairmanship of Tony Ward, chief executive of Home Funding,
Ward said: ‘There are signs of some recovery in the wholesale funding markets, but a very evident and significant shortfall in mortgage funding remains, and that is impacting on all parts of the mortgage market, but in particular non-bank lenders and building societies. It is our aim to identify barriers and weaknesses, propose solutions and lobby key constituencies to address them."
IMLA has also announced a new board of directors for the 2009/10 executive year and a new structure.
The board of directors are Colin Shave, chief executive of GE Money Home Lending, Kevin Purvey, head of intermediary sales at Cheltenham & Gloucester, Tom Gurrie, divisional director of intermediary sales at Chelsea Building Society and Lee Gladwell, sales and proposition director at Platform and Tony Ward, who will serve as deputy chairman for the year.
Peter Williams, current executive director, will become executive chairman.
Williams said: ‘This is a year of transition for IMLA, and for the industry as a whole. With many changes underway in member firms, we have decided to opt for an Executive Chairman backed by a strong board of directors. We feel this is the right management structure in the current environment and will represent the best interests of members."
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