The Council Of Mortgage Lenders - Cml [mortgageprotectiontips.blogspot.com]
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The Council of Mortgage Lenders has its head office in London and is the trade association for institutions active in residential mortgage lending in the United Kingdom. The association's primary goal is simple; 'To promote a thriving environment for the UK housing and mortgage markets. The Council of Mortgage Lenders proudly represents around 98% of the residential lending industry within the United Kingdom. The CML aims to maintain a favourable environment in this way by carrying out the following functions:
- Representing the voice of the industry - In order to achieve this, the CML consults with various bodies within the mortgage industry. The CML also flags up their concerns on the back of government legislation.
- Seeking to promote best industry practice - An example of this is evident in their sponsoring of the mortgage code.
- Providing research, information, legal and other support services.
The CML's membership is made up of Banks, Building Societies and other residential mortgage lenders. They currently have 162 members and 97 associates. Membership is drawn from a wide variety of related businesses that have a related interest within the mortgage market, including the work carried out by the CML.
The benefits on offer from being a member of the CML include enabling companies and organisations to keep abreast of matters affecting the industry - This does not just include lending issues, but also matters surrounding many other aspects of the industry such as regulation, housing policy, legal issues, taxation, home buying and home selling, the unregulated buy-to-let sector and many more.
In addition to sponsoring the mortgage code, the CML also provides a range of publications aimed at improving standards of practice within the industry.
The CML issues a number of statements of practice with which its members are expected to comply with. These publications include the statement of practice on the handling of arrears and possessions and the statement of practice on cost transparency.
Membership of the Council of Mortgage Lenders is open to lender organisations that are fully authorised and regulated buy the Financial Services Authority. Associate membership is open to other organisations within the industry that do not lend money - These associates will include solicitors, management consultants, technology companies, conveyancing companies etc. Suggest The Council Of Mortgage Lenders - Cml Topics
