Mortgage lending in the last two years has been limited to say
the least. My previous employment was for an in-house firm for a
major mortgage lender. I recall personally completing sixty
remortgages in a day for said lender. This was only five or six
years ago.
Fast-forward to the end of 2009 when I visited my previous place
of employment and I was informed that 95% of the lender's
mortgage underwriters had been made redundant. I was also informed
that the lender would now be content to complete one remortgage per
day out of choice.
Mortgage brokers were in abundance and making vast sums of money
by way of commission. Now, many of those same brokers have ceased
trading.
Will 2010 be any different for the industry? Of course, I hope
so and there have been some signs in the first four months that it
may be different.
