CML heralds data services agreement with BSA
Published: 5 March 2015 | Author: Bernard Clarke
We are delighted to announce that we are partnering with the Building Societies Association (BSA), to provide its members with sectoral information drawn from our regulated mortgage survey (RMS).
For the past ten years, CML members have shared details of their mortgage sales transactions with us. The vast majority of reporting by firms has been on a monthly basis, enabling us to comment authoritatively on market developments to members, policymakers, the media and other external stakeholders.
Monthly press releases are the most visible output relating to our RMS data, but submitting firms also enjoy access to a much larger set of Excel tables, describing the types of mortgage product taken out, borrower profiles and property characteristics. Working with our data partner, Matrix Solutions, we also offer firms an attractive range of chargeable value-added services.
As part of its work on implementing the mortgage market review, the Financial Conduct Authority expects firms to embellish their reporting of new mortgage transactions, principally by providing a much more extensive set of affordability metrics and performance metrics for all live regulated mortgages. Expanded sales data reporting starts this quarter and the first performance data reporting (covering the first half of 2015) falls due in August.
Over the past year, we have been working closely with members to develop an expanded and much richer set of data metrics for the benefit of the industry.
As the BSA has for several years also been providing its members with sectoral data, based on a separate parallel reporting exercise, it quickly became obvious that both organisations would benefit from working together. Going forward, building societies will only need to submit their product sales data information once – to the CML – and will in return receive consistent aggregate data for the building society sector and (assuming they are also CML members) the market as a whole.
A positive aspect of working with the BSA is that this has prompted several building societies to submit their regulated data to us for the first time, so improving the representative nature of our data, both in aggregate and for the building society sector. Although it will take several months for new reporting patterns to settle down, we hope that firms will eventually be submitting monthly data that represents 95% or more of overall regulated sales.
And the good news is that all building societies, whether in membership of the BSA or CML, may participate in this fresh initiative. If you would like to know more, then please contact James Tatch (firstname.lastname@example.org) or Andrew Gall (email@example.com).