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FCA Thematic Review: Responsible Lending PDF Print E-mail
Wednesday, 18 May 2016
Matt Andrews, Managing Director, Bluestone Mortgages comments on the FCA’s Thematic Review, ‘Embedding the Mortgage Market Review: Responsible Lending Review’: “We are pleased, and relieved, to see that the FCA is taking seriously the growing issue of lenders being ill-equipped to service borrowers with complex incomes. This review recognises the challenges that self-employed earnings and adverse credit histories present to some firms, and ultimately calls for lenders to ensure that their underwriters are able to accurately assess more complex incomes, and that any automated processes being used are still delivering appropriate lending decisions for customers.

“The UK workforce is increasingly moving to be a combination of contractors, self-employed workers and freelancers, who struggle to access lending due to their complex financial circumstances. With robo solutions looking not at the full picture, but at relatively arbitrary MIs to assess borrower suitability, these responsible borrowers can often find themselves locked out of the market. This is also true for those individuals who may be a good credit risk, but who have experienced a life event which has left a negative impact on their credit scores.

“These borrowers require a deeper underwriting experience to ensure the nature of their situation is fully understood. Innovation in lending is absolutely needed to cater to this sector of the market, however, a balance must be struck between automated technology, and intelligent technology. To ensure a consumer’s individual circumstances are taken into account, and lending decisions are made on a case by case basis, technology in the mortgage market needs to retain its human touch.”
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