The Financial Services Authority (FSA) has met with a divided response from the UK mortgage industry over its proposals to ban loans that require no proof of income. The City regulator last October proposed a ban on “self-certification” loans, which have allowed 1m borrowers to take mortgages without proving their income. Self-cert loans were intended to help the self-employed buy homes by taking their word about what they earned. On Tuesday, it published a 34-page Mortgage Market Review feedback statement in response to a discussion paper on the proposals. But the FSA said its proposal to make income verification a requirement for all mortgages generated a polarized reaction from those in the mortgage industry.
UK regulator meets divided response over mortgage review
Most Popular Articles
Latest Articles
US Mortgage Corporation committed to reverse channel, new HECM head says
Leaders at US Mortgage Corp. sat down with RMD to discuss their expanded presence and future goals in the reverse mortgage business.
-
Labor Department announces new rule to shield retirement savings
-
loanDepot CEO talks ‘longer and tougher’ mortgage cycle, NAR settlement and cyberattacks
-
The industry needs to speak out about the consequences of the commission lawsuits: Brokerage leaders
-
HUD announces final rule to protect against flood risk
-
Guaranteed Rate appoints two new executives