CompaniesApr 16 2014

Networks ramp up MMR preparations

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Speaking a week before the MMR rules are implemented on 26 April, the head of mortgage network Pink said: “I suspect interest rates will take second place in the coming months to whether a lender gets a mortgage offer out in an orderly and timely fashion.”

He added that the network had run MMR workshops and training for each of its appointed representatives ahead of the implementation of the new rules, as had sister company First Complete, which held seven training sessions across the UK between 1 and 17 April.

Toni Smith, sales operations director at First Complete, mirrored Mr Graves’ concerns over extended underwriting periods as lenders adapted to new systems and processes.

However, she added that the network’s members fully understood the implications of MMR as it continued “to send its brokers daily communications on what each lender is doing as each one reveals its plans”.

Nigel Stockton, financial services director of Countrywide, said a new MMR-ready version of its broker system was deployed on 6 April, while brokers, managers and telephone staff had all received training.

He said: “We believe we are ready and have worked with all lenders to ensure our readiness matches their own.”

Brian Murphy, head of lending at national advisory firm Mortgage Advice Bureau, said the firm’s members had also received regular communications on MMR rules, but he expected more issues to emerge from lenders.

He said: “As with any major change, we may see more technological hiccups, but we are confident these will be resolved swiftly.”

Elsewhere, more than 800 appointed representatives of Legal & General have completed training for the MMR, according to Stephen Smith, director of the mortgage club and housing at L&G, while members of mortgage network TenetLime have attended roadshows and pre-MMR training sessions.

Openwork has held a series of roadshows for advisers, while Paradigm had just issued the eighth in a series of regulatory updates for advisers on the new regulations, said chief executive Bob Hunt.

PMS Guide

Sesame Bankhall Group-owned PMS has produced a consumer guide for advisers that can be white-labelled to each individual firm’s needs. Lisa Martin, director of operations and sales for PMS, said: “This guide is part of our ongoing commitment to support members’ businesses in the run-up to the MMR and beyond.”