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John Cupis: Things are looking up for self-employed mortgage applicants

moneymarketing.co.uk | March 26, 2015

By John Cupis

Being self-employed post-MMR feels like a bad place to be and the situation is worsening.

According to the Bank of England, 15 per cent of the UK workforce is now self-employed, while self-employment has accounted for over a third of the overall increase in UK employment since the recession: around 600,000 people.

Of that increase, over 50 per cent is due to long-term trends that began before the crisis and are likely to continue - a combination of technological changes and increased ageing of the workforce, for example.

Meanwhile, detected mortgage fraud remains the highest of all financial products, according to Experian. In nine out of 10 cases in Q4 that fraud was down to some form of misrepresentation on mortgage application documents. The post-MMR underwriting process for some lenders has become more lengthy and complicated, perhaps pushing customers to bend the truth.

So I was heartened by the news 20 new banks are likely to be licenced in the next five years. Not all will lend mortgages but many will. While some new licences are to existing institutions varying permissions or developing new businesses, the PRA describes many of the new entrants as “challenger banks” that will test established institutions in sectors customers are not served well.

Let us hope the self-employed and customers more broadly benefit from these new lenders joining the fray.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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