Market acts to clarify through and correspondent lending

Confusion among brokers about the difference between correspondent and through lending has prompted ...

Confusion among brokers about the difference between correspondent and through lending has prompted key players to discuss the development of new definitions to clarify the processes. Representatives from correspondent lenders, including GMAC-RFC, Platform Home Loans, Mortgages plc, Preferred Mortgages and SPML, debated the issue at a recent meeting organised by National Guarantee. A unanimous decision was made, establishing the first industry-wide definitions for the different sectors. Peter Beaumont, sales and marketing director at Mortgages plc, said due to forthcoming regulation, th...