Thirteen mortgage lenders including Abbey, Nationwide, GMAC-RFC, Kensington, Platform and Mortgages Plc have joined together to provide funding for a mortgage standards framework to be created by Origo.
But Paul Pettitt, managing director of Origo, admits that for the standards to work in the mortgage industry the initiative needs the support of everyone in the mortgage industry and the reluctance of Halifax to become involved in the project is a barrier to its success. “They [Haifax] are not involved and while they have not made up their minds reading between the lines they probably don’t want to be. But at the moment they are keeping an eye on things,” he says. Pettitt adds it would be great to get the lender “on board” but that the initiative has got off to a great start with the l...
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