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Companies that grant loans to people with poor credit histories have been warned they could face enforcement action after the Financial Services Authority discovered three small mortgage brokers were failing to comply with rules designed to stamp out mis-selling.
 
The City watchdog said it had identified the three sub-prime firms - who lend to customers on elevated credit risk - as having helped customers overstate their income to obtain a larger mortgage. This could be an indication that brokers are acting aggressively in their efforts to get business from people who do not qualify for mortgages. The FSA refused to name the firms.
 
"It is difficult to establish the level of consumer detriment or potential mis-selling as many of the failings related to poor record-keeping and brokers could provide more detail when challenged, but we will be looking for better evidence of compliance with our requirements," said Mr
 

 

 

azcentral.com | PR Newswire Releases
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Los Alamos National Bank - Full service financial institution serving customers .Lake Area Bank - Offers checking accounts, savings accounts, loans and mortgages - Read More

Mylenderscore.com
Mortgage lenders with available lending following 4,444 mortgage lenders at National, State and County . guest! Log in | Register. shop for a mortgage - Read More


 

 
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