The Association of Mortgage Intermediaries (AMI), the Council of Mortgage Lenders (CML) and the Intermediary Mortgage Lenders Association (IMLA) have joined forces to produce an industry guide on how lenders and intermediaries work together on mortgage sales and administration.
The three bodies say that while much of what is in the guide is already in practice in the industry, the guide gives everyone a shared understanding and clear description of what should be done.
With the FSA turning its attention to proposals on distribution and advice in November, the industry sees the guide as an important marker and clear evidence that common, high quality working standards can be achieved through productive collaboration between the lending and intermediary sectors.
The guide can be found on the AMI website <a href="http://www.a-mi.org.uk/publications/working_together.pdf">here</a>
AMI director Robert Sinclair said: “I would like to extend my gratitude to all the lender and broker representatives who have given time and effort to arrive at what is an extremely practical document. The work undertaken has done much to cement the value that all parties bring to ensuring a vibrant and competitive mortgage market that works well for consumers. AMI very much anticipates this is the start of a longer collaborative journey.””
