MFG

Mortgage Funding Group

 MFG Mortgage Funding Group

Prospectus for the Mortgage Funding Group; an industry wide initiative

 

1. A number of UK mortgage sector participants have become very concerned with the ongoing lack of mortgage finance capacity in the UK mortgage market. In order to address this on an industry wide basis a new Mortgage Funding Group (MFG) has been formed under the Chairmanship of Tony Ward, Chief Executive of Home Funding Ltd and a well known expert on mortgage funding.

 

2. In this short prospectus we set out the aims and objectives of the MFG, its membership and how we envisage it operating. The MFG was launched in March 2010 at a conference on funding.

 

Aim and objectives

 

3. The MFG has been set up to address the very evident shortfall in mortgage funding that is impacting all parts of the market but not least building societies and specialist lenders. Our aim to identify the current blockages and weaknesses and to lobby government and others to address them.

 

4. Our overall aim is simple, to restore a competitive and active market with a full range of market participants

 

5. Our detailed objectives are as follows: 

  • To become a focal point for all the interested parties including originators, servicers, investors and trade bodies 
  • To undertake research and analysis including regular assessments of the funding situation and the special measures introduced by government 
  • To lobby government, the Bank of England, the FSA and other bodies regarding ways a fully competitive market can be restored 
  • To promote and publicise the arguments and analysis we develop

Organisation and Funding

 

6. This will be a member driven organisation and at the first meeting a steering committee was set up with the aim of building a wider membership of the group.

 

7. The MFG will be initially serviced by Peter Williams, the current Executive director of IMLA. We would hope to draw upon member expertise.

 

We envisage close working with the BSA, BBA, CML, IMLA and AFME/ESF and other trade bodies.

 

Although the Intemediary Mortgage Lenders Association has sponsored the establishment of the MFG, IMLA does not and shall not control this group, rather its aim is simply to help get the MFG off the ground as a coordinated voice dedicated to tackling the basic problem of the lack of funding as well as deal with the growing regulatory agenda.

 

8. Once we have a built up a reasonable membership base we will move to set up a website and other network arrangements.

 

Membership

 

9. The MFG will be open to any lenders, investors, servicers, lawyers, ratings agencies and trade bodies. Once established we propose levying an annual fee of £1000 payable in advance.

 

Further Information

 

10. For further information please contact Tony Ward at tonyward@home-funding.com or Peter Williams at peter@prwilliams.org

 

March 2010