The Legal and General Mortgage Club has launched a Mortgage Credit Directive guide and matrix to give brokers an overview of what the new regulations mean for them.
The matrix aims to help advisers keep track of regulatory announcements ahead of the new rules coming in to force on the 21 March 2016.
Although of next year’s final deadline, firms can elect to adopt a majority of the regulation from the 21 September this year, with the matrix including details on when lenders are planning to adopt the MCD rules, as well as information on which products they apply to.
Jeremy Duncombe, director at the mortgage club, stated that it aims to be a ‘one-stop shop’ for brokers looking for information on how the rules will impact them and when lenders plan to begin enforcing them.
“The fact that many lenders are likely to begin applying the rules some time before the official deadline means that brokers will need to stay on their toes to keep their practices up-to-date.”
Last month, Mortgage Brain claimed to be one of the first to have updated its systems in readiness for the MCD, with updated systems demonstrated at a series of ‘Mortgage Vision’ events taking place this autumn.
The Financial Conduct Authority also recently published a policy statement flagging up consequential changes to the Consumer Credit Sourcebook in preparation for implementation of the MCD and ahead of further consultation later this year.
The regulator said that in general, respondents agreed with proposed amendments to the final rules, the majority of which will come into effect next March.
The Intermediary Mortgage Lenders Association called for calm ahead of the MCD implementation, with chairman Charles Haresnape suggesting that the market should not even consider more controls on residential borrowing.
peter.walker@ft.com
