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Lenders urged to set up one-stop shop for panel vettingLenders urged to set up one-stop shop for panel vetting

first_imgMortgage lenders should create a single body to vet law firm applications for conveyancing panel membership, the head of mortgage fraud at Lloyds Banking Group has said. Paul Collins, who is also manager of the group’s conveyancing panel, said that lenders should develop a unified approach to approving members and recruit a third-party organisation to manage the process and carry out the due diligence on firms. Collins told an event organised by the Conveyancing Association that a single fee could be charged for the process. Individual lenders could then decide which firms they want on their panels, applying their own risk criteria. Eddie Goldsmith, Conveyancing Association chair, said he supported the idea: ‘The last thing that any firm wants to do is repeatedly provide the same information over and over again. Therefore one body that can coordinate the standard information, even if there has to be some additional information given, has to be a real plus.’ Goldsmith said he hoped stakeholders, including the Council of Mortgage Lenders and the Law Society, would work together to make it happen. While Collins said it was ‘inevitable’ that panel sizes would fall, he said Lloyds, which deals with about 30% of the mortgage and re-mortgage market, would continue to have a ‘pretty large’ panel of several thousand firms. He also denied that sole practitioners were being removed from panels: ‘sole practitioners have a place on our panel – we’re not eliminating them’, he said. Lloyds had found that sole practitioners posed no higher risk than firms with two to three partners. Collins said Lloyds had begun to take ‘aggressive action’ putting in place greater controls of its panel management over the last couple of years, following the spike in mortgage fraud in 2009. That year, he said, saw the peak in mortgage fraud by solicitors, who were absconding with funds, failing to register charges, and failing to comply with money laundering obligations. The incidence of mortgage fraud has come down ‘considerably’ since 2009, but he said the number of attempts to perpetrate fraud had remained consistent. He also noted a shift in the trend for mortgage fraud to be committed by the vendor rather than purchaser solicitors, as well an increase in valuation fraud relating to properties being repossessed. Goldsmith said: ‘The issue of mortgage fraud isn’t going to disappear overnight and no-one is naive enough to believe it can be fully eradicated.’ Law Society chief executive Desmond Hudson said: ‘For some time now the Society has publicly called for a common industry wide solution to the panel management issue. The Society has committed to doing all it can to help lenders find an effective common solution. Maintaining panels that are as open as possible will be in the best interests of all lender and the public. ‘The Law Society recognises the pressure lenders face from the Financial Services Authority in relation to their panels, for solicitors, who make up the majority on those panels, lenders can use the Conveyancing Quality Scheme data that the Society has collated for this purpose and is prepared to provide for free. ‘CQS is a scheme both solicitors and lenders can benefit from, with the necessary data made available to lenders thereby avoiding the need for firms to supply the data many times to different lenders. This is why we are piloting CQS data collection. We will be discussing with lenders the outcomes of the pilot and looking to work with them to provide a system that works for all concerned. ‘The number of CQS firms continues to grow. Lenders could help drive up numbers quickly if they are more vocal in their support for the scheme.’last_img read more

Photo gallery: Airline vs. Captain Shreve lacrossePhoto gallery: Airline vs. Captain Shreve lacrosse

first_img 1 of 47 Images from Airline’s first-round game against Captain Shreve in the Louisiana High School Lacrosse League playoffs Friday at Freedom Fields. Top Expat InsuranceExpat Living in Hong Kong without Health Insurance?Top Expat Insurance|SponsoredSponsoredUndoTheTopFiveVPNThe Secret Netflix Doesn’t Want You To Know To Unblock RestrictionsTheTopFiveVPN|SponsoredSponsoredUndoCelebsland.com9 Celebrity Before-And-After Plastic Surgery DisastersCelebsland.com|SponsoredSponsoredUndoPerfect-Dating.comAre You Ready to Meet Cool Guys in Tung Chung?Perfect-Dating.com|SponsoredSponsoredUndoTheTopFiveVPNThe Trick Netflix Doesn’t Want You To Know To Unlock RestrictionsTheTopFiveVPN|SponsoredSponsoredUndoAspireAbove.comRemember Abby from NCIS? Take A Deep Breath Before You See How She Looks NowAspireAbove.com|SponsoredSponsoredUndolast_img read more

No. 4 Alabama routs No. 20 Mississippi State, 31-6No. 4 Alabama routs No. 20 Mississippi State, 31-6

first_imgAlabama's Reggie Ragland (19) and Dalvin Tomlinson (54) stop Mississippi State's Dak Prescott on Saturday in Starkville, Miss.Alabama’s Reggie Ragland (19) and Dalvin Tomlinson (54) stop Mississippi State’s Dak Prescott on Saturday in Starkville, Miss.STARKVILLE, Miss. — Breaking down No. 4 Alabama’s 31-6 win Saturday at No. 20 Mississippi State:THE BIG PICTURE: Alabama’s first game after LSU is always a potential hangover spot, and the Crimson Tide was slow to get cranked up Saturday as its first five drives ended with four punts and an interception. But after Alabama got on the board with a punt return touchdown early in the second quarter, it never seemed like Mississippi State was in good position to pull the upset. And with this tricky road test out of the way, it seems almost inevitable that Alabama will be in the College Football Playoff.Alabama Crimson Tide at Mississippi State BulldogsThough funny things can happen in rivalry games, Auburn’s woeful offense won’t pose much of a problem and Florida, who would play Alabama (9-1) in the SEC championship game, has struggled without quarterback Will Grier. That — and technically a game next weekend against Charleston Southern — is pretty much all that is standing between Nick Saban and a second consecutive playoff berth.Alabama RB Kenyan Drake injures right arm vs. Mississippi StateMississippi State, which had an outside shot to win the division if it won this game, falls to 7-3 and has never beaten Alabama under head coach Dan Mullen. The Crimson Tide’s streak is now eight in a row in this series between two schools whose campuses are separated by only 80 miles.WHAT WE’LL BE TALKING ABOUT: Alabama’s defensive front was dominant as usual, but it was particularly effective against Mississippi State’s patchwork offensive line. The Crimson Tide piled up nine sacks and limited Mississippi State to 66 rushing yards on 36 carries.Follow the road to the 2015 College Football Playoff at The Football Four, our home to rate and debate the nation’s best. Though the Bulldogs moved the ball at times and had some key mistakes in the red zone with dropped passes and penalties, their ineffectiveness was ultimately about Alabama penetrating the backfield almost every play and getting to quarterback Dak Prescott on passing downs. It was the most sacks for an Alabama defense in a game since 1998.THE DECIDING PLAY: It was mystifying early on why Alabama offensive coordinator Lane Kiffin didn’t go to running back Derrick Henry, whose 210-yard effort against LSU last week made him the Heisman Trophy frontrunner. At one point, Henry only had six carries while quarterback Jake Coker had thrown 15 times.But Henry’s seventh carry was a backbreaker for Mississippi State, which trailed 14-3 at the time. It appeared the Bulldogs were going to get off the field on third-and-9 and perhaps build momentum going into halftime, but Henry took a handoff and went straight up the middle virtually untouched for a 74-yard touchdown. At the end, he was actually separating from defensive backs as Alabama went ahead 21-3. He finished with 204 yards on 22 carries.KEY STAT: Alabama’s offense averaged 66.3 yards on its three touchdown plays. It averaged 3.4 yards on its other 52 plays.HOW THE TOP 25 FARED IN WEEK 11last_img read more