Home Finance Forum

The BSA’s participation in the Home Finance Forum ensures that members' concerns and views on any aspect of the mortgage or housing market can be raised directly with ministers and other stakeholders as the Forum seeks to address the problems that the mortgage market is currently facing.

Learn more about BSA participation in the Forum via the link below.

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Mortgage Market Review

The Mortgage Market Review must result in future regulation proportionate to the perceived failings of the mortgage market according to the BSA’s response to the Mortgage Market Review Discussion Paper.

The Review impacts upon all parts of the mortgage market, and could potentially bring about wide ranging changes to the types of mortgages available, how lenders calculate affordability, how mortgages are sold and introduce requirements for advisors to be personally accountable to the FSA.

With the UK housing market remaining fragile, the BSA response says that it is crucial that the Government and regulators take stock of the current suite of regulatory interventions and consider the aggregate impact of their proposals on the market before bringing in more new requirements.

The BSA’s response can be found here

Arrears and Approved Persons Consultation

The FSA has published the first consultation paper from the Mortgage Market Review discussion paper relating to arrears and approved persons (CP 10/2).

The Consultation Paper contains two parts. The first covers changes to how lenders manage borrowers in difficulty and proposes restrictions on the charges and fees that a lender can place on a borrower in difficulty. The second relates to the requirements for mortgage advisors to become Approved Persons. This will create a new category of approved person which will apply to all individuals who advise or bring about home finance business now and in the future, whether on behalf of an intermediary firm or a home finance provider.

Further information can be found here.

Treasury Consultation on Mortgage Regulation

The BSA has responded to a Treasury consultation looking at the regulation of second charge loans, buy to let mortgages and the selling on of mortgage books.

The Association supports plans to extend FSA regulation to second charge loans and firms that buy mortgage books, but expresses concern over both the need for the regulation of buy to let mortgages and the practicality of the Treasury proposals.

A copy of BSA’s response can be found here

Landlord Registration Scheme

The BSA’s concerns over the impact of the Government’s proposed Landlord Registration Scheme on lenders has been recognised in a CLG paper outlining their proposals for introducing the scheme.

The BSA voiced concerns during the consultation process over what would happen to mortgage payments of landlords who are removed from the register. The CLG recognises that should a landlord be removed from the register, there would have to be a procedure in place to ensure that the mortgage continued to be paid.

More details can be found on the CLG website here.

New home owner protection legislation for Scotland

The Home Owner and Debtor Protection (Scotland) Bill successfully completed its passage through the Scottish parliament on 11 February. This Bill was originally published last autumn and broadly aims to deliver on the recommendations made by the Repossessions Group (a stakeholder led group representing lenders, legal bodies and consumers) in the summer. 

In particular it seeks to clarify and strengthen existing protection for homeowners in Scotland. The new legislation provides two important new areas of protection to those homeowners in financial difficulty and facing repossession.

More information can be found here.  

BSA Mortgage Instructions

The BSA launched its Mortgage Instructions on 1 January 2010 with more than half of all building societies signing up to use them. The instructions enable BSA members and their lending subsidiaries to instruct conveyancing practitioners acting for them under a standard set of instructions, as well as setting out their specific requirements reflecting individual lending policy.
 
There are separate instructions for England and Wales; Scotland; Northern Ireland and the Isle of Man. Prior to the launch of the instructions, the BSA consulted and engaged with several stakeholders representing solicitors, licenced conveyancers and other relevant professions across the UK. The instructions are available online at the BSA website here.

BSA Mortgage Statistics Service

The BSA’s Mortgage Statistics Service is now up and running. The service will allow participating members the opportunity to receive a wealth of information on building society activity in the mortgage market.

Submission of data to the system is via web upload, and mirrors the FSA reporting system to reduce the administrative burden on members. Historical information is also being uploaded onto the system to build as complete a picture as possible.

Further information on the system, and how to participate, can be found here.

Mortgage Valuations Seminar
22 April 2010, London

 With continued uncertainty predicted in the housing market in 2010, effective and efficient valuation of security will be crucial for lenders. This seminar looks at some of the key challenges facing lenders and valuers in a difficult climate with a focus on examining the drivers for change, the economic benefits and opportunities that may ensue for lenders, and exploring how barriers faced by building societies may be overcome. This event will be of particular benefit to valuers and those in risk management roles, as well those providing valuation services to lenders.

Further details can be found here.

Arrears and Possessions Seminar: Solutions for Lenders
23 March 2010, Loughborough

This year will see changes to regulatory requirements that will have significant implications for lenders, a continuing focus on maintaining forbearance, and further capacity issues affecting the free money advice sector. At this seminar industry experts will present their views on the outlook for the year ahead and how lenders can achieve effective arrears management while ensuring that customers are treated fairly.

To secure your place, click here.