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Mortgage lenders temporarily restrict products on offer

Mortgage lenders are temporarily restricting the products on offer as the impact of coronavirus hits the market.

Borrowers who have lower deposits saved may find themselves particularly affected.

Lloyds Banking Group has temporarily withdrawn new mortgage and re-mortgage products with a loan-to-value (LTV) ratio of over 60% across its broker channels – Halifax Intermediaries, Scottish Widows Bank and BM Solutions.

It said customers can still apply for a mortgage directly online as normal with Halifax and Lloyds Bank.

Product transfer and further advance products remain unchanged and customers with existing mortgage offers have been granted an additional three months to complete their home purchase or re-mortgage at the agreed mortgage rate.

Regrettably it has been necessary to withdraw a further selection of products across our residential and buy-to-let ranges.

Barclays

Meanwhile, Barclays said it has had to withdraw some products, although it said a number of lower deposit deals remain available.

A statement from Barclays said: “Regrettably it has been necessary to withdraw a further selection of products across our residential and buy-to-let ranges.

“This action has been taken to support us in managing the flow of applications into our UK underwriting teams following the closure of our key offshore sites.

“At the same time it enables our colleagues to provide greater help to those customers requesting mortgage payment holiday arrangements for financial support.”

The Barclays statement added: “We expect to launch a fresh range of residential and buy-to-let products shortly and we apologise for any inconvenience this causes in the interim.”

Mortgage lenders have already pledged to offer three-month payment holidays to borrowers suffering financial hardship due to coronavirus.

A report released by Zoopla on Thursday predicts that house sales volumes could plunge by as much as 60% over the next three months, compared with the second quarter of 2019, as the market reacts to the impact of Covid-19.

But, while property sales are expected to see a sharp drop-off, Zoopla said house prices are not expected to change materially in the next month or two.

Meanwhile, online buy-to-let mortgage broker Property Master warned that landlords generally may face a tougher struggle to get mortgages.

Angus Stewart, Property Master’s chief executive, said: “Landlords are finding that their borrowing options are being drastically reduced.”

Source: Border Telegraph

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Home repossessions suspended for three months

Mortgage lenders will not repossess residential and buy-to-let properties from today for the next three months for borrowers affected by the coronavirus.

They are also suspending all repossession orders currently active, however, formal demand notices telling borrowers how much they owe will continue to be issued but not acted upon for 90 days.

A joint statement from trade bodies UK Finance and the Building Societies Association (BSA) set out how the operation to pause possessions will work:

  • Lenders will suspend all possession orders
  • Lenders will not commence any court action, including putting the case to court or instructing on matters
  • Lenders are able to issue a formal demand, so that the customer is aware of the money they owe and are informed that the case will eventually go to possession proceedings
  • This letter is valid for eight weeks, but firms will agree not to take any further steps until the end of the 90-day period
  • There are exceptions for empty properties or where the customer wants the possession to go ahead
  • In buy-to-let, lenders would still use a Receiver of Rent where appropriate but would not move to possession if the tenant could not pay

Worrying time

The easing of possessions is in addition to the flexibility announced for affected residential borrowers and buy-to-let landlords outlined over the previous two days.

This includes up to three months mortgage payment holiday and other flexibility from lenders.

Robin Fieth, chief executive of the Building Societies Association (BSA) said: “Building societies are acutely aware that this is a worrying time for those with a mortgage or who pay rent as both typically account for a significant proportion of household expenditure.

“Now is a time for lenders to be flexible. The steps being taken by the industry today will offer some breathing space for those affected by the Covid-19 situation whether directly or indirectly.

“The best first step advice remains to get in touch with your lender or landlord.”

UK Finance CEO, Stephen Jones, added: “The industry wants to reassure customers that they will not have their homes repossessed at this difficult time and therefore, these measures will start from 19 March.”

Written by: Owain Thomas

Source: Your Money

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Mortgage payment holiday: how the three-month coronavirus payment break will work – and what happens to renters

Mortgage payers who are facing financial difficulty due to the current coronavirus pandemic are to be offered payment holidays of up to three months, the government has announced.

Chancellor Rishi Sunak made the announcement on Tuesday 17 March as part of emergency measures designed to protect households amid the virus outbreak.

Three month reprieve on payments

A number of mortgage lenders have already announced repayment holidays for borrowers affected by coronavirus, but the government’s announcement on Tuesday (17 Mar) now means all lenders will have to honour the three month time frame.

The measure comes in an effort to ease the financial burden for households, meaning borrowers will not have to pay anything towards mortgage costs “while they get back on their feet”, the Chancellor said.

The news comes after the Chancellor revealed the government is to offer £300 billion of government-backed loans to support businesses through the coronavirus pandemic.

The loans are equivalent to 15 per cent of GDP and include schemes for businesses in hospitality, retail and leisure sectors, such as airlines and airports.

Stephen Jones, UK Finance chief executive, said: “Monthly mortgage payments tend to be the largest outgoing for the vast majority of households and lenders are keen to reassure homeowners that the industry is working hard to put measures in place to support them during these uncertain times.

“Customers who are concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss if this is a suitable option for them.”

How will the mortgage holiday work?

In response to the government’s announcement, UK Finance, which represents financial firms, has outlined how the mortgage payment holiday will work.

The mortgage repayment is deferred for a period. The monthly payment changes to zero, and interest accrues for the period.

Where repayments are deferred for a time, the borrower will need to make up these repayments in the future, which could be over the remaining term.

Will everyone get an automatic three-month payment holiday?

Firms will help customers in the best way possible for the individual, so an automatic payment holiday may not always be the most suitable approach and may not be required by everyone.

Firms will be speaking to credit reference agencies to ensure consistent treatment of those customers to whom a repayment holiday is made available.

What if I don’t own my property but I rent instead?

The Prime Minister has said that tenants will be protected from eviction during the coronavirus outbreak.

With quarantine measures and illness likely to force many people out of work in the coming weeks, new legislation is to be introduced to prevent this from leaving those unable to pay their rent homeless.

The emergency legislation will prevent landlords from beginning the proceedings to evict tenants for at least the next three months. This applies to both renters in social and private accommodation.“As a result of these measures, no renters in private or social accommodation needs to be concerned about the threat of eviction” the statement says.

The legislation is expected to pass through Westminster and be consented to by Holyrood within the coming week.

UK Finance has advised renters to contact their landlord or managing agent if they have problems paying your rent.

If you are a landlord and your tenants are unable to pay their rent you should contact your lender as soon as possible to discuss the options that may be open to you.

How do I apply for a payment holiday?

Lenders are offering customers who are up-to-date with their mortgage payments, and impacted by coronavirus, the ability to self-certify if they need help.

Under usual circumstances, the lender would have to assess the customer’s finances and consider what options may be the most suitable.

This is being waived to allow firms to implement a more straightforward process in an otherwise stressful time.

It is important that customers who believe they may be impacted, either directly or indirectly, contact their lender at the earliest possible opportunity to discuss if the payment holiday is a suitable option for them.

Is everyone eligible for a payment holiday?

The offer of a payment holiday can be made available to customers not already in arrears and up-to-date with payments.

Under Financial Conduct Authority (FCA) rules, lenders must ensure that any forbearance that is offered will enable borrowers to recover through full repayment of arrears.

Lenders must also minimise the long-term impact of arrears and ensure the mortgage remains affordable and sustainable.

Overall, forbearance needs to minimise the risk of repossession. This is why payment holidays are generally short-term.

For customers who are already in arrears or in financial difficulty, lenders will consider the full range of options ordinarily available to customers under existing rules.

What about people who may need support longer term?

While the payment holiday is in effect, the capital sum of the loan remains as is, while the interest that would have been paid accrues.

At the end of the payment holiday period, the rules will re-apply. Lenders will get in touch with customers to assess their circumstances, including income and expenditure, and come to an arrangement with the customer to enable recovery through the full repayment of the arrears.

If the customer is in financial difficulty, lenders will come to an arrangement to recover the customer into a sustainable position on the mortgage. Any arrangements will aim to minimise the risk of repossession.

What if I’m already in arrears?

You should continue to speak to your lender. Lenders will review existing arrangements if there is a change in circumstances.

By Claire Schofield

Source: Edinburgh News

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Coronavirus and mortgage payment holidays – what help can home owners get?

UK Finance has outlined how home owners could be helped with mortgage payment holidays of up to three months.

Mortgage lenders have set out how they will offer payment holidays of up to three months for borrowers who are in financial difficulty due to coronavirus.

Stephen Jones, UK Finance chief executive, said: “Monthly mortgage payments tend to be the largest outgoing for the vast majority of households and lenders are keen to reassure homeowners that the industry is working hard to put measures in place to support them during these uncertain times.

“Customers who are concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss if this is a suitable option for them.”

Here are some answers from UK Finance, which represents financial firms, to general questions that customers may have about their potential options:

– How do ‘payment holidays’ work?

The mortgage repayment is deferred for a period. The monthly payment changes to zero, and interest accrues for the period. This may be particularly appropriate where there is a temporary shortfall of income.

But it is not a solution where, because of a permanent reduction in income, a borrower is unable to afford anywhere near the full mortgage repayments and there is little prospect of an improvement in the situation in the foreseeable future.

Where repayments are deferred for a time, the borrower will need to make up these repayments in the future, which could be over the remaining term.

– Will all customers receive an automatic three-month payment holiday?

Firms will help customers in the best way for the individual, so an automatic payment holiday may not always be the most suitable approach and may not be required by all customers.

Firms will be speaking to credit reference agencies to ensure consistent treatment of those customers to whom a repayment holiday is made available.

– How do I apply for a payment holiday?

Lenders are offering customers who are up-to-date with their mortgage payments and impacted by coronavirus the ability to self-certify if they need help.

Under usual circumstances, the lender would have to assess the customer’s finances and consider what forbearance options may be the most suitable.

This is being waived to allow firms to implement a more straightforward process in an otherwise stressful time.

It is important that customers who believe they may be impacted, either directly or indirectly, contact their lender at the earliest possible opportunity to discuss if the payment holiday is a suitable option for them.

– Are all customers eligible for a payment holiday?

This is one of several options. The offer of a payment holiday can be made available to customers not already in arrears and up-to-date with payments.

Under Financial Conduct Authority (FCA) rules, lenders must ensure that any forbearance offered enables recovery through full repayment of arrears, minimises the long-term impact of arrears, and that the mortgage remains affordable and sustainable. Overall, forbearance needs to minimise the risk of repossession.

This is why payment holidays are generally short-term. For customers who are already in arrears or in financial difficulty, lenders will consider the full range of options ordinarily available to customers under existing rules.

– What about customers who may need support longer term?

While the payment holiday is in effect, the capital sum of the loan remains as is, while the interest that would have been paid accrues.

At the end of the payment holiday period, the rules will re-apply. Lenders will get in touch with customers to assess their circumstances, including income and expenditure, and come to an arrangement with the customer to enable recovery through the full repayment of the arrears.

If the customer is in financial difficulty, lenders will come to an arrangement to recover the customer into a sustainable position on the mortgage. Any arrangements will aim to minimise the risk of repossession.

– How will a payment holiday affect my credit score?

Lenders have different approaches for reporting to credit reference agencies. Arrears that are accrued may be reported to the credit reference agency.

Firms will make efforts to ensure that forbearance offered under these circumstances will not result in an adverse impact on the customer’s credit score.

– What if I don’t own my property but rent instead?

Contact your landlord or managing agent if you have problems paying your rent. If you are a landlord and your tenants are unable to pay their rent you should contact your lender as soon as possible to discuss the options that may be open to you.

– What if I’m already in arrears?

You should continue to speak to your lender. Lenders will review existing arrangements if there is a change in circumstances.

Source: Express and Star

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‘Mortgage lenders could pull out of the market’

Niche Advice director Payam Azadi is concerned that the economic shock caused by coronavirus could force some lenders out of the market.

Azadi is concerned that non-bank lenders and specialist players could struggle with their funding lines in the weeks and months ahead.

The London broker said: “A lot of the lenders that rely on securitisations and the money markets are going to find it hard.

“Will these dry up? We’ve seen a battering of the stock market.

“The more dynamic and entrepreneurial businesses are under pressure because of the way they are funded.

“Institutions like big banks will do alright because they are backed up, well-funded and have strong balance sheets – they will weather the storm and see competition diminish.”

Azadi compared the situation to the outbreak of the global financial crisis of 2008, when some lenders reliant on securitisations went bust and exited the market because they couldn’t access their funds.

Azadi has seen many of his clients put proposed deals on hold due to the virus.

He is seeing a lot of enquiries from people looking to remortgage or consolidate debt – with measures like switching from a repayment mortgage to interest-only – to ensure they have a financial cushion in these difficult times.

However some landlords are looking at the situation as an opportunity to add to their portfolios, by purchasing a property at a competitive price.

Another broker, Aaron Strutt, product and communications manager at Trinity Financial Group, said he is continuing to help those who want to refinance.

He said: “While the main priority for people is their health during these difficult times it is important to reduce costs if possible.

“Mortgages are a big expense so if borrowers are about to switch to an expensive standard variable rate they should take action and swap to a better deal.

“We had a very busy start to the year and the market has slowed but we are still taking new enquires and will be helping our clients to remortgage.”

Despite both brokers speaking positively about borrowers wishing to refinance, they expressed disappointment that fixed rated mortgages haven’t cheapened after the Bank of England cut the base rate by 0.50% to 0.25% last week.

They added that some mortgage lenders are pulling tracker rates rather than reducing them.

Saffron Building Society pulled its buy-to-let range yesterday, though the lender indicated that it would re-enter the market later in the year.

BY RYAN BEMBRIDGE

Source: Property Wire

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Mortgage approvals hit highest level so far this year

Mortgage lenders approved the highest number of home loans for first-time buyers and movers so far this year during June.

Data from banking trade body UK Finance shows there were 32,760 mortgage approvals for first-time buyers, up 6.1% between May and June 2019.

The number of approvals for home movers increased 9.6% on a monthly basis to 31,000.

However, the figures are down on last year, with first-time buyer approvals declining 1.5% annually and home movers seeing 3.5% fewer loans.

Buy-to-let approvals declined on a monthly and annual basis by 3.6%.

Commenting on the data, Richard Pike, sales and marketing director at Phoebus Software, said: “Given that the country has been in a state of flux for over three years it is hardly surprising that the figures year on year have dipped across the mortgage market sectors.

“When you consider that the mortgages in these June figures were more than likely for applications made in or around the original time we should have been leaving the EU, it is more surprising that the figures weren’t even lower.

“The buy-to-let figures are a concern, but as the next deadline for Brexit nears, there may be some light at the end of the tunnel.

“One way or another we will have a resolution and, despite the government’s best efforts to curb buy-to-let, a resolution should mean that investors that have been holding fire will know whether or not investing in property is once again a viable proposition.

“We may be a nation of home owners but, when buying a home is so expensive, the need for rental accommodation remains as important as ever.”

By MARC SHOFFMAN

Source: Property Industry Eye

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Brexit sees mortgage lenders retreat from market

Increased competition and growing concerns over the economic climate could see specialist mortgage lenders reassess their approach to new business in 2019.

The start of the New Year saw the announcement by two lenders that they would cease new mortgage lending.

Secure Trust Bank began consultations with staff to cease new lending based on the current economic climate on January 7, while Fleet Mortgages withdrew its entire range on January 8 as the lender waits for its next funding line to be made available.

Paul McGerrigan, chief executive officer at Loan.co.uk, said: “The continued political uncertainty will present challenges for the smaller mortgage lenders.

“The fear that Brexit’s impact will drag on has led to increased diligence when obtaining funding lines.

“Anyone with this model will be working a lot harder to secure ongoing funding in the short term and we could see more product lines being withdrawn temporarily in the first quarter.

“Newer entrants to the mortgage market and smaller lenders will be nervous, continually assessing their positions in the early part of 2019.

“The challengers are always at a significant disadvantage to the big mortgage lenders due to their funding structures and cost of funds. Brexit is placing more pressure on them.”

According to Paul Lynam, chief executive of Secure Trust Bank, which listed on the stock market in 2016, it had “been a difficult decision to take” to consider pulling the plug on new mortgage lending.

There will be no impact on existing mortgage customers or new applications in progress during the consultation period, which is to be concluded in February.

While Fleet Mortgages does expect the funding issues to be resolved before the end of January, it has stated that all decisions in principle and applications received on January 8 will be declined.

David Hollingworth, associate director, communications at L&C Mortgages, said: “Although these announcements came in swift succession the action taken by Secure Trust and Fleet seems to be quite different.

“Fleet suggests that it’s a victim of its own success in the speed with which it’s used its funding and hopefully we will see a quick return to market.

“Secure Trust in contrast seems to be taking a longer-term approach to its withdrawal from mortgage lending but leaves the door open to a return in the future.

“Mainstream lenders are likely to consider how to broaden their proposition in a bid for improved volume, especially when pricing is so competitive.  However, I don’t think we should expect there to be a flurry of withdrawals and many of the specialist lenders already have well established brands and know their market well.”

Shaun Church, director at Private Finance, agreed: “From our perspective, whilst it doesn’t look great that they happened it quick succession it isn’t something that is going to continue to happen.

“Secure Trust Bank’s withdrawal from the market based on increased competition and a difficult economic climate highlighted the importance for new entrants to have a strong, niche product that stands out from the crowd.

“When you look at the number of new entrants to the market and niche areas being serviced, this is bound to happen once or twice.

“Not everybody can make a success of what they are doing, as in the case of Secure Trust. Coming into that market is not easy so you have got to stand out.”

Mr Hollingworth added: “With more lenders now looking to make their mark it does raise the question of whether the growth in lender numbers is hitting the high point and whether there could even be some contraction if lenders find it harder to find their niche.”

Mr McGerrigan, however, suggested more effort is made to ensure the continued success of smaller, niche lenders.

He said: “It is important throughout this that every effort is made to ensure smaller niche lenders continue to increase their market share for the long term good of borrowers.

“Short term uncertainty aside the UK mortgage market is incredibly robust and I expect it to bounce back strongly once clarity returns.”

Source: FT Adviser

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Data rules could force lenders to change mortgage criteria

The General Data Protection Regulation (GDPR), which has given consumers the right to challenge automated decisions made by banks, could force lenders to change certain lending criteria.

The data rules, which took effect on 25 May, mean people turned down for a mortgage, credit card or loan because a ‘computer said no’ can challenge their bank’s decision and demand it should be reviewed by a human.

Ray Boulger, senior technical manager at John Charcoal, believes there could be some long-term benefits in the data rule change.

He said the problem in the past was a lender did not have to give any specific reason for rejecting an application, they could simply refer the client to the credit agency they worked with, whereas now they have to justify and explain their decisions.

Criteria around County Court judgements for instance, which can be handed down for small debt-related offences such as unpaid utility bills, and could trigger a rejection, may be reviewed, he said.

He said: “There is a difference between [an applicant] who is not aware of a CCJ and somebody where it is a conspiracy but some lenders’ criteria doesn’t really differentiate between that.

“In the short term lenders may be choosing to do nothing and take a wait and see approach but this is an area that gives borrowers more ammunition and if enough borrowers take action lenders may feel uncomfortable about rejecting an application based on certain criteria, and they might well choose to change their criteria.”

The General Data Protection Regulation (GDPR) does not prevent banks from using automated processes but it requires firms to alert their customers to such processes and have appropriate services in place for them to appeal.

David Hollingworth, associate director of communications at L&C Mortgages, said the prominence of lender privacy policies may help give customers more clarity around their right to challenge automated decisions.

But he said it was yet unclear whether challenges would lead to lenders undertaking an individual underwriting process.

He said: “In many cases though this is unlikely to make for a significant change in the way that borrowers make their applications.

“Automation clearly has some benefits in speeding up processes and borrowers are still likely to accept that automated decisions are part of the process.”

Where he thought the new rules could help was to uncover a situation where the application failed simply because data was input incorrectly.

Santander and HSBC told FTAdviser they used automated processing but would be happy to review their decision when challenged in line with the General Data Protection Regulation (GDPR).

Liz Syms, chief executive of Connect Mortgages, did not think the General Data Protection Regulation (GDPR) would make much of a difference to the big lenders’ processes.

She said clients already had the right to review their submitted data or appeal a lender’s decision before the General Data Protection Regulation (GDPR).

She said: “GDPR, I believe, is more about formalising the rights to appeal and also the rectification of data error in these circumstances.

“If there are no data errors however, it does not oblige the lender to change their decision just because the automated decision has been challenged.”

Source: FT Adviser

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FCA Seeks To Set Free ‘Mortgage Prisoners’

The City watchdog is calling for reforms to help “mortgage prisoners” who are stuck on high borrowing rates but not allowed to switch.

Tens of thousands of home owners who took out loans before the financial crisis are trapped on lenders’ standard interest rates because of changes to rules on whether they can afford repayments.

It means that even if they have been paying off their mortgages every month they may not qualify to switch to a deal which is cheaper.

The Financial Conduct Authority (FCA) is to consider seeking an industry-wide agreement to approve applications from those who took mortgages out before the crisis and are up-to-date with payments.

But this would only help a small fraction of the estimated 150,000 stuck in this position and for the rest it is seeking talks to find other “possible solutions”.

The findings are part of an interim report by the FCA into the mortgage market which found that around 30% of customers are failing to find the cheapest mortgage for them, typically overpaying by £550 a year over the introductory period of the loan.

It also said that there were around 800,000 consumers who could switch at the end of introductory periods, but did not, to cheaper two-year deals that would typically save them £1,000 a year.

The watchdog wants to make it easier for consumers to work out at an early stage for which mortgages they qualify to make it easier for them to assess and compare those products.

More broadly, however, the FCA found there were “high levels of choice and consumer engagement” in the mortgage market.

Home buyers today typically take out long-term mortgage contracts with short fixed interest rate periods at the start, after which the deal changes to a standard “reversion” rate which is typically higher.

The FCA found that more than three-quarters of consumers switched to a new deal within six months of moving to a reversion rate – but that leaves a substantial minority who do not.

It also identified a relatively small proportion of borrowers known as “mortgage prisoners”.

These are consumers “who took out a mortgage pre-crisis, are on a reversion rate and up-to-date with repayments, and would benefit from switching to a new deal but cannot”.

That is because, since the crisis, there have been major changes to lending practices and rules aimed at ending the problem of people borrowing more than they could afford.

In the case of “mortgage prisoners” it may mean that they are effectively told a deal is too expensive for them to take on even though they are currently paying more.

The FCA believes there are 30,000 such customers with authorised mortgage lenders and a further 120,000 on a reversion rate whose mortgages have been sold on to non-regulated firms.

A proposed agreement between lenders to approve applications from these borrowers for mortgages would help around 10,000 from the first group, who have home loans with lenders that remain “active” in the mortgage market.

The FCA said that for the rest it would discuss possible solutions with relevant firms, consumer groups and the Government.

Source: Juice Brighton

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Lenders hike rates in response to the rising cost of funds

Mortgage lenders including Santander and Halifax have increased rates in reaction to the rising cost of funding.

Halifax and Santander hiked their rates this week, as detailed in notifications sent to mortgage intermediaries.

Other lenders putting up rates include HSBC, TSB, Barclays, Fleet and Family Building Society.

Henry Woodcock, principal mortgage consultant at IRESS, said: “Swap rates have started to rise, recently by 15 basis points in a month, increasing costs to lenders.

“It is inevitable these costs will be passed on to the consumer.

“As the Bank of England has talked about interest rates rising sooner rather than later and more than once in the year, the pressure on swap rates is likely to increase – forcing lenders to pull some of their most competitive deals.”

Santander has notified brokers that from today it will increase rates on 2 and 5-year fixes, including Help to Buy products, by between 0.04% and 0.10%.

It will also raise some 5-year fixed rate product fees by between £500 and £900.

However Santander has cut trackers by between 0.15% and 0.30%.

Halifax yesterday raised rates by up to 0.20% on 2-year fixed rate homemover products at 90% and 95% loan-to-value.

It also increased 2-year fixed rate affordable housing, shared equity/shared ownership products at 90% LTV.

And it has raised 95% first-time buyer rates at 95% LTV by 0.19%.

Family Building Society is raising rates by between 0.10% and 0.35% across its owner occupier and buy-to-let ranges – although applications at the previous rate will be accepted until 6 March.

Rob Ashley-Roche, principal of Rest Assured Mortgages, said: “What generally seems to be happening is lenders are making 90% and 95% loan-to-value stuff more attractive.

“They’ve got more appetite, unlike a few years ago when high loan-to-value rates were really high and 60% were really low.”

Alan Ward, chairman of the Residential Landlords Association, reckoned buy-to-let landlords will be able to cope with the rate increases for now.

He said: “There is sufficient choice in the market for the increases not to be significant at this stage.

“It’s important to note that it’s not just about rates – it’s about the cost of fees and legals.”

Source: Mortgage Introducer