Lender Guidance Flashcards
1
Q
Bank of England
A
- Set interest rates
- Make sure banks are able to meet potential losses on the mortgage lending
- Process big payments like buying a house
2
Q
Prudential regulation authority
A
Supervise around 1500 financial institutions and insurance companies
3
Q
Financial conduct authority
A
- Protect consumers
- Protect financial markets
- Promote competition
4
Q
Basel approach
A
A calculated risk based system to prescribe the minimum amount of capital lenders must have.
The Basel/EU frameworks encapsulate three pillars
5
Q
UK finance
A
The trade association that regulates the mortgage market
6
Q
UK finance deals with two parts to mortgage regulation
A
1) conduct regulation
2) Prudential regulation
7
Q
PVQs
A
Post valuation queries
8
Q
SARs
A
Suspicious activity report:
Suspect of anything untoward that is required to report to the lender in the form of a suspicious activity report
