New lender says no to credit-scoring
Speaking to Money Marketing, residential mortgage chief executive Colin Snowdon says [Aldermore] is targeting borrowers that may not meet mainstream lenders' credit-scoring criteria but which it believes are still creditworthy. "Where we are going to be pitching our residential tent is for...
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| Published in: | Money Marketing 2010-05, p.9 |
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| Format: | Magazinearticle |
| Language: | eng |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | Speaking to Money Marketing, residential mortgage chief executive Colin Snowdon says [Aldermore] is targeting borrowers that may not meet mainstream lenders' credit-scoring criteria but which it believes are still creditworthy. "Where we are going to be pitching our residential tent is for prime borrowers - not sub-prime or self-certification - but our proposition is going to be different. We are going to have a very good system of brokers and we are not credit scoring, it is a rules-driven approach. "We are employing skilled underwriters who will look at the cases, understand what is going on and make a sensible decision on whether it is right to lend to that customer. We will not be a 'computer says no' lender." |
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| ISSN: | 0958-3769 0958-3769 |