Rumours rife AfI will amend quality policy in 2013
Sources told Mortgage Introducer that a measure for quality and a measure for conduct would be introduced in quarter one next year.
Currently AFI measures quality based on risk which involves looking at the last two years of the back book and assessing it for arrears. This measure is to remain in place.
AFI refused to deny or confirm the rumours but a spokeswoman from AfI said: “We are committed to writing mortgage business that is good quality and to offering borrowers the right mortgage for their needs.
“We review the business quality of cases submitted by our key account partners against a number of metrics and we will continue to work closely with them to improve quality across the industry.”
One broker who said he had spoken to AfI said: “This will water down the impact of the original blunt approach but it will improve the assessment of the quality of intermediary business it is writing.
“The additional two measures are sensible and a create a better mix of factors to assess the overall quality of broker business.”
David Hollingworth, associate director of London & Country, had yet to hear of any plans but said: “If this does come about it sounds like AfI are trying to address the concerns that many brokers have had about not being able to influence the measures against which they are being measured.
“The more factors that are brought into play, the less heavily weighted to one area it becomes which again should help brokers.”