Acquisition of N4 Solutions

Experian, the global information solutions company, announces that it has acquired N4 Solutions, a UK-based mortgage sector and financial services software provider. The acquisition is a strong strategic fit with Experian's consumer credit activities and represents a natural extension to Experian's application processing capabilities.

Founded in 1999, N4 Solutions provides industry-leading software which helps mortgage providers to allocate the most appropriate mortgage to a customer, while helping financial services clients meet key compliance objectives. Its clients include large UK mortgage providers, such as Barclays, Nationwide and Portman.

Sales of N4 Solutions in the year to 31 March 2007 were £9m and gross assets as at 31 March 2007 were £2m, excluding cash. The company was purchased from its founders and will form part of Experian's Credit Services activities.

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Nationwide confirms broking arm details

Nationwide has announced further details on how its prime intermediary arm will operate following the planned merger with Portman Building Society on August 28.

The lender will be recruiting a substantial salesforce to commensurate with the size of the newly merged organisation. The team will report into a newly created position of head of sales for prime intermediary lending which has yet to be appointed.

Nationwide’s intermediary support team - currently based in Swindon - will be relocated to Portman’s headquarters in Bournemouth over a phased period.

Portman group development director Matthew Wyles will become executive director at Nationwide with responsibility for non-retail business.

Wyles says: "Intermediaries are at the centre of our vision for the future. Our new broker development sales force is a key element of a three year strategic development plan which will revolutionise Nationwide's systems and service delivery to the
intermediary mortgage market."

Divisional director of intermediary markets Peter Leydon adds: "This
announcement is tangible evidence of the Nationwide's absolute commitment to intermediaries. My management team and I will assemble, during the coming months, a substantial and highly effective sales force to support the thousands of firms up and down the country who want to do business with Nationwide."

Reporting directly to Leydon will be: Head of corporate development Joe Rabbitt who is currently head of intermediary development at Nationwide and head of support Peter Saint Ruth who is currently a senior manager within intermediary markets at Nationwide.

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Bristol and West to scrap exit fees from July 31

Bristol and West has confirmed it will also be scrapping exit fees for future customers from July 31.

This follows Cheltenham and Gloucester’s announcement last week that it will be axing its £225 exit charge on all future lending.

Lenders had a deadline of July 31 by the FSA to sort out their fee structure.

Bristol and West are now the second top 20 lender to announce they will no longer charge exit fees.

The decision will apply to mortgages on both Bank of Ireland and Bristol and West brands.

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NR overtakes Lloyds TSB in CML lender league table

Northern Rock has overtaken Lloyds TSB in the Council of Mortgage Lenders’ table of the largest lenders for 2006 by gross mortgage lending.

HBOS retains its iron grip in first position with £73.2bn worth of gross lending and a 21.2% estimated market share.

In second place is Abbey with £32.6bn worth of lending and a 9.4% market share.

Northern Rock has slipped into third place, overtaking Lloyds TSB, with £29bn of lending and an 8.4% market share.

Lloyds TSB, now ranks fourth largest with £27.6bn of lending and an 8% market share.

Nationwide came in fifth position with £21.1bn and a 6.1% share of the market.

Once it merges with Portman later this year, its combined gross mortgage lending will still total less than that of Lloyds TSB, at £26.1bn.

Royal Bank of Scotland follows close behind with £20bn of lending and a 5.8% market share.

Further down the ranks, HSBC has fallen from seventh place last year to ninth place, and now sits below Barclays and Alliance & Leicester with £12.4bn of gross lending and a 3.6% share of the market.

Barclays saw £18.4bn of lending, while Alliance & Leicester saw £12.6bn.

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GE rumoured to be under investigation by FSA

Leah Milner - 05-Jul-2007

By Leah Milner

GE Money Home Lending is rumoured to be the subject of a Financial Services Authority probe.

The
rumoured investigation into the sub-prime lender comes a day after the
FSA’s review of the sector revealed serious shortcomings.

The FSA revealed it was investigating five mortgage brokers following on from its review of the sub-prime sector.

A spokesman for GE Money says the lender is unwilling to comment on industry speculation.

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