IMLA declares it is ‘time to repair confidence’

Nia Williams

November 18, 2010

It has also announced its 2011 executive board.

IMLA has called for lenders to start focusing on growth, development and product innovation. It intends to increase its engagement programme across the industry as it seeks to stimulate the debate over what the future mortgage market should look like.

Following its Annual General Meeting in London, Paragon Group director of mortgages John Heron has been elected Chairman for the 2010/2011 year, which runs from 1 December to 30 November, with Tony Ward, chief executive of Home Funding, continuing in the role of deputy chairman. Peter Williams becomes executive director.

New directors include Precise Mortgages managing director Alan Cleary and Northern Rock head of sales Richard Tugwell. Kevin Purvey, Cheltenham & Gloucester head of sales, retains his position on the board. Outgoing directors include Colin Shave, Tom Gurrie and Lee Gladwell.

Peter Williams, IMLA executive director, said: “I’d like to thank the outgoing directors for their hard work and efforts over the past year. It has been very much appreciated during a very busy period in which IMLA has played a key role in establishing the Mortgage Funding Group and engaging with the Financial Services Authority over the Mortgage Market Review. I’d also like to welcome the new directors in what will be an important year for the mortgage market.”

He added: “It is now over three years since the start of the credit crunch and it is time to repair confidence in the mortgage industry. The market is slowly emerging from the paralysis brought on by the credit crunch, but the improvement is modest, slow and inhibited by housing market and funding fears and an uncertain regulatory environment.

“It is time for the mortgage industry to get back on the front foot and support the legitimate aspirations of would-be homeowners – we have been defensive for too long. We need to once again focus on growth, development and product innovation and to do this we need to address three core issues: our own reticence, the confidence of financial markets in UK mortgages and housing and the approach of Government and regulatory bodies.”

To enable IMLA to achieve its goals, it plans to:

 Step up engagement with intermediaries, trade bodies, major networks and distributors of mortgages.

 Engage with the Mortgage Funding Group, HM Treasury and Bank of England to develop the debate on the future of mortgage funding.

 Take up Lord Turner’s invitation to participate in the debate over the social and political implications of regulation.

John Heron, IMLA Chairman, added: “The mortgage industry has moved in the right direction this year but there is still a long way to go. IMLA aims to be at the centre of the debate and we look forward to working with all interested parties during 2011. It will be an exciting and interesting year.”

The elected board of directors for the 2010/2011 year are:

 John Heron, director of mortgages, Paragon Group

 Tony Ward, chief executive, Home Funding Ltd

 Richard Tugwell, head of sales, Northern Rock

 Alan Cleary, managing director, Precise Mortgages

 Kevin Purvey, head of sales, Cheltenham & Gloucester.

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