Lenders improve but brokers still poor in self-certification mortgage sector

The FSA is generally pleased with the progress that lenders have made in the way that they operate self-certification mortgage businesses since it issued its Good Practice Guide in February 2004. The regulator reviewed the practices of 10 lenders that account for 50% of the total UK residential mortgage market. Detection of fraudulent applications has gone up, it says, as has the quality of information passed to underwriting departments. Firms have also proved more adept at recognising the specific needs of staff who handle the business.