6
NEWS
STRAW POLL
Spooked brokers
agree with Sants
Just 52% of Mortgage Strategy
Online readers agreed with the
FSA’s decision to dump
principles-based regulation.
Hector Sants, chief executive
of the Financial Services
Authority, wants the market to
be afraid of the regulator.
With the future of 100% LTV
mortgages and flexible income
multiples in the balance, he’s
spooked mortgage brokers.
This week Mortgage Strategy
asks: “Do you think 100% LTV
mortgages should be banned?”
● DO YOU AGREE WITH THE FSA’S
DECISION TO DUMP PRINCIPLES-
BASED REGULATION?
52% YES 48% NO
BROKERS
London-based brokerage Mortgage
Warehouse Corporation has bought
fellow brokerage The More Group by
mutual agreement.
The deal means the combined
group will now operate with more
than 20 brokers nationwide who can
provide face-to-face advice.
Currently the business advises on
mortgages and associated products
such as protection, but may branch
out into areas such as secured lending
in the future.
Mark Perry, a director of Mortgage
Warehouse Corporation, says:
“We are delighted to have acquired
TMG which has been highly influential
within the mortgage marketplace
for the past six years.
“The ethics of TMG are identical
to ours. When the market does pick
up we believe customers will want
Patellis joins ‘common
sense’ Blueprint fold
George Patellis, the ex-director of
Lehman Brothers-owned Preferred
Mortgages, has joined Blueprint
Lending as non-executive chairman.
Blueprint is a commercial lending
start-up formed by a group of former
members of 5D Finance.
Although funding for Blueprint is
yet to be secured there are advanced
talks with a number of institutional
investors. Several entrepreneurs are
believed to have expressed an interest
in the venture with a view to
injecting seed capital.
Based in New Jersey, USA, Patellis
has some 18 years of experience
in the specialist mortgage markets
across the Atlantic, the UK, Australia,
Germany, Puerto Rico, Canada
and Costa Rica.
In addition to his time at Preferred,
Patellis was also a consultant
at the now defunct Regulatory
Alliance of Mortgage Packagers.
He has extensive experience of the
capital markets and his appointment
will further strengthen Blueprint’s
already strong team, fronted by 5D’s
former head of sales and Blueprint’s
MWCL decision to take on TMG
was a matter of identical ethics
● NATALIE HOLT
APPOINTMENTS LENDERS
● ROBYN HALL
to be provided with quality advice
and service and we will be perfectly
placed to offer this and to rise to new
challenges the market will offer. We
will also continue to grow our sales
force with high quality, ethical consultants.”
MWCL and TMG are aiming to
grow their combined sales force to a
total of 30, and are actively recruiting
another 10 brokers to join the
company.
Steve Northcott, national sales
director for TMG, says: “Our
national team of mortgage consultants,
who will be supported by
MWCL’s administration and packaging
team, complements MWCL’s
London presence and the new group
will enable us to continue to bring
face-to-face service and advice
throughout the UK.”
acting chief executive officer Nick
Sneddon.
Once funding is in place and lending
begins each new loan will be individually
graded both initially and
ongoing to reflect movements in
quality, resulting in a constant barometer
of the overall loan pool.
Sneddon says: “This is a great
coup for Blueprint Lending and we
are delighted to welcome George
Patellis on board as non-executive
chairman. His in-depth knowledge
of the market both here and across
the Atlantic will be instrumental in
getting Blueprint Lending off the
ground. This is just the first of many
new initiatives we expect to announce
over the coming weeks and
months.”
Patellis says: “This is a fantastic
opportunity to work with a highly
professional and proficient management
team. The business model
that has been put together is in sync
with my personal views on how
credit should be extended through
common sense, back to basics, underwriting.”
Bid to revive
council mortgages
● NATALIE MARTIN, ONLINE EDITOR
Exact is calling on the government
to reinstate local authority mortgage
lending in a bid to kick-start local
mortgage markets and take the pressure
off high street banks.
It has put together a White Paper
arguing that specialist lenders
should white label mortgage origination
for local authorities.
It wants government to divert funding
to reinvigorate local authorities
as a force in the mortgage market.
Alan Cleary, managing director of
Exact, says: “At the moment, the government
is relying too heavily on just
one part of the mortgage market –
the big high street banks.
“Reinstating local authorities as
mortgage lenders would mean the
government can bypass bank red
tape and get cash back in the hands
of people who want to buy houses.”
www.mortgagestrategy.co.uk
Cash is not
an issue for
online launch
● ROBYN HALL
Mystery surrounds the identity of
two serial entrepreneurs who are
looking to launch an online lender
into the mortgage sector targeted
towards providing short-term and
high-volume loans for consumers.
Mortgage Strategy understands
cash is not an issue for the northwest
London-based lender. Sources
say funding lines are already in place
and have been sourced from a reliable
lending pool.
The news has set tongues wagging
among the intermediary sector as
any entrance in such a beleaguered
market can only be a positive sign.
Although the exact nature of the
new entrant is uncertain it will be in
a market where the existing few players
are posting positive financial
results.
Sources say that is likely to mean
it will be focussing on bridging
finance but possibly second charge
lending too.
With unemployment currently at
a 12-year high the credit crunch
means that the mortgage market is
awash with available talent across
all levels.
LENDING MORTGAGE STRATEGY ONLINE
Top 10 stories
online this week
Boulger slams FSA mortgage
1 cap plan (17/03)
FSA says limiting LTVs may
2 be on the cards (18/03)
FSA fines insurance broker
3 for misleading clients (19/03)
32% of brokers to cancel
4 permissions (16/03)
Network Data slashes asking
5 price for Botleys (16/03)
Ex-Cobalt crew launches
6 Coreco Group (18/03)
Mortgage arrears soar 31%,
7 says FSA (17/03)
MPC unanimous on £75bn
8 asset purchase (18/03)
Connells Asset Management
9 for Roland McCormack (17/03)
Gross mortgage lending drops
10 60% year-on-year (19/03)
MORTGAGE STRATEGY March 23, 2009
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