1988 — The Association of Mortgage Lenders
IMLA began life as the Association of Mortgage Lenders (AML). The AML was incorporated in June 1988 as a trade body to represent the views of the newly emerged ‘centralised’ lenders in a rapidly changing and expanding mortgage market. These lenders were not deposit-takers and had no branches. They therefore used a wholesale funding model and intermediary-based mortgage sales channels.
The creation of the AML co-incided with the passing of the Housing Act 1988, which revolutionized the UK private rental sector by introducing Assured and Assured Shorthold Tenancies (ASTs), shifting control from tenants to landlords. The Act largely deregulated rent, allowed for “no-fault” evictions and aimed to revive the private rental market by reducing security of tenure. This paved the way for a large expansion in the private rental market, and many lenders, including AML members, started offering mortgages to private landlords.
Creation of the Council of Mortgage Lenders and UK Finance
In 1989 Abbey National Building Society took advantage of legislation allowing building societies to de-mutualise – and became a bank. This prompted the Building Societies Association (BSA), of which Abbey National had been a member, to consider creating a new trade body that could include both a mortgage bank such as the Abbey, the new centralised lenders (many of which were members of the AML) plus the banks and insurance companies who had become active in the mortgage market. The AML, together with the BSA, the British Bankers Association, the Association of British Insurers and the Finance and Leasing Association came together to form the industry-wide Council of Mortgage Lenders (CML). The AML remained independent of the new CML but worked closely with it.
In September 1995 the AML changed its name to The Intermediary Mortgage Lenders Association (IMLA), to reflect members’ specific expertise in and focus on all issues relating to the generation of mortgage business via professional financial intermediaries.
In 2017 the CML joined with the BBA and four other trade associations to form UK Finance. IMLA remains independent, but continues to work closely with UKF, with which it shares many members.What does IMLA do today?
IMLA provides a specific focus for the staff who are responsible for relationships with the intermediaries who sell their firms’ mortgage products. We offer those individuals a unique opportunity to come together in person 5 times a year to network and discuss matters of (non-competitive) mutual interest and be informed about wider developments in the mortgage market.
We hold informal monthly online “Roundtables” for members to raise issues of current interest.
Many IMLA members are also members of the Building Societies Association (BSA) and/or UK Finance, with whom we work closely. IMLA is much smaller than the BSA or UK Finance and we do not attempt to replicate what those larger trade associations do: rather, we are able to provide a particular “intermediary lender” perspective to regulators and policy-makers.
We represent members’ views by responding to consultations issued by the financial services regulators and Government departments. We also regularly share members’ expert views by meeting with officials from the Bank of England, HM Treasury, PRA, FCA, MHCLG, BEIS/DESNZ etc.
We work closely with AMI—the Association of Mortgage Intermediaries—discussing market developments and political and regulatory proposals, and their impact on intermediaries. Together with AMI we have created the Working in Mortgages website, which provides a source of information and guidance for anyone working or aspiring to work in the mortgage industry. WIM’s aims are to:
- Focus on attracting diverse new talent into the mortgage industry
- Retain talent through inclusive support and progression and
- Build on strong foundations created in previous years
An important element of attracting and retaining new talent into the industry is the ability to recognise the importance of strong policies on Diversity, Equity & Inclusion. We have our own DE&I Group, which works to promote better understanding of the DE&I agenda and share resources and information. All IMLA members are asked to sign up to a Charter which requires them to—
- Sponsor a named person to attend DE&I meetings
- Follow up with the named person and stay engaged and
- Attend at least one “lunch and learn” session through the year
The informal lunch and learn sessions are held regularly throughout the year, and are available to all staff in lender and intermediary firms, They are recorded and kept on the Working in Mortgages website as a permanent resource.
Each year we publish reports on developments in the mortgage market. The “New Normal” report, which is generally published in December, reflects on the year just gone and includes our forecasts for the coming year. We also publish a quarterly Market Update, and write regular articles/blogs and provide comment for the trade press, and brief the national press when appropriate. All our publications are freely available on this website, in the publications section.
IMLA membership
IMLA Membership now includes UK banks, building societies and a number of specialist lenders.
IMLA is run by its Executive Director, Kate Davies. She reports to the elected Chair, Deputy Chair and 3 other directors of IMLA on a regular basis and through periodic Management Committee (ManCo) meetings. All members are entitled to attend the regular Executive Committee (ExCo) meetings where IMLA policy is discussed and agreed. Elections are held in November for the Directors: the Chair is elected for a two-year term. Members thus exercise considerable control over the direction and running of the Association.