UK's high-risk mortgage customers identified


UK's high-risk mortgage customers identified

Arif Mohamed

The Council of Mortgage Lenders (CML) has extended the use of its online statistical database to provide banks and building societies with information on high-risk and good-value customers for the very first time.

The CML went live with the Microsoft SQL Server-based database in September 2005. It was designed to capture, store and analyse mortgage information being sent by banks and building societies to the CML each month.

The system now captures information on 170,000 mortgage transactions a month and has recorded more than three million transactions since the service began.

The CML sells reports based on this data to its members, which represent 98% of all residential mortgage lending in the UK.

The database was set up to mirror a Java database that the FSA built in April 2005. The system was created by BankSearch, written in Microsoft C#, and is hosted by Qube Networks.

Simon Anderson, managing director of BankSearch, said the CML database was designed to allow banks and building societies to send it exactly the same XML data they submitted to the FSA.

“There has been a seismic shift in the way the UK has regulated,” said Anderson. “The FSA and Bank of England expected banks and building societies to supply information at the transactional level, to avoid issues like the mis-selling of pensions.

“Since April 2005, the FSA has been capturing mortgages, retail sales investment and pure protection investment on a quarterly basis. However, the FSA has chosen a fairly light touch in terms of going back with problems. It’s a new system and a new environment.”

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