<
p>Bridging lenders have praised the suggestion of an industry wide standardized KFI for non-regulated bridging.
The call for a new type of KFI came from Mike Richards of Mortgage Concepts Associations in the Q&A section of yesterday’s Association of Bridging Professionals (AOBP) AGM.
Support was clear from the lender panel which included Lancashire Mortgage Corporation, Dragonfly, Precise Mortgages, Omni Capital and West One Loans.
Marc Goldberg, Director of the Lanchashire Mortgage Corporation said that lenders should break down KFIs to show costs for each month. He said:“ I think that’s a fantastic idea, I really do. “He added: “One that i would definitely take back to my company and look into doing that.“
Duncan Kreeger of Director of West One Loans also agreed with the idea, which he believed came down to deal transparency. On discussing the subject he added: “West One is certainly prepared to do what we can to be as transparent as possible and will go as far as we can to do that. “
After talking about topics such as fraud and 85 per cent LTV rates, the Q&A moved to transparency of fees and then to KFIs.
Rob Jupp, new Chairman of the AOBP, asked all the delegates to raise their hands if they agreed with the concept of a standardised KFI and more than half of the room raised their hands to support the idea.
On a related topic, David Whittaker, Managing Director for Mortgages for Businesses, questioned whether KFIs are actually read fully. A two page Heads of Turns document was suggested as a more efficient alternative to the current KFIs which stand at approximately 45 pages.
To read the full break-down of the AOBP AGM read B&C’s newsletter this Tuesday.
Bridging lenders have praised the suggestion of an industry wide standardized KFI for non-regulated bridging.
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