The UK’s leading provider of outsourced mortgage administration services has taken a key step forward towards preparedness for Mortgage Day on 31 October.
HML has received its ‘minded to authorise’ letter from the FSA, confirming that the Authority considers that HML has the necessary competence to undertake regulated activities under the new regime. The letter does not constitute a final authorisation to undertake regulated activities, but does indicate that the FSA is satisfied with HML’s preparations.
Receipt of the FSA letter coincides with HML reaching the key milestone of £25 billion in mortgages under administration, up from £20 billion at the end of 2003.
Gill Davidson, Associate Director, Legal & Compliance at HML, comments: “At a time when there is still claim and counter-claim about whether the industry as a whole will be ready for Mortgage Day, I’m delighted that HML has passed the FSA’s requirements with flying colours. It’s been a marathon effort for all of our staff, but it’s fair to say that we’ve reached the final stages of preparation in a more timely fashion than the organisers of the Athens Olympic Games. We’ve achieved this important step forward at a time when the company has continued to expand rapidly, growing mortgages under administration to £25 billion – helped by the success of our new operation in Londonderry.”
“The new, regulated regime will have a major impact on the mortgage industry. I’m sure the 30-plus lenders we work with will be delighted to learn that for us the process is well advanced. This will confirm in their minds that they have made the right decision to entrust their mortgage servicing to HML. Of course, there’s no room for complacency and we’ll be keeping our eye on the ball up to and beyond Mortgage Day.”
