Lenders told to reveal more mortgage information

The FCA is proposing changes to two existing returns that lenders submit once a quarter:

• Product Sales Data (PSD). This contains transaction level data on all sales of regulated

mortgage contracts. The FCA plans to collect enhanced affordability data; make some existing optional data fields in PSD mandatory, to allow meaningful comparative analysis; collect some additional data and amend some existing PSD data fields to reflect other MMR changes and to ensure the data we collect remains relevant and up to date; and collect data on the performance of all existing regulated mortgage contracts (i.e. the basic characteristics of the mortgage and whether borrowers have experienced payment difficulties).

• Mortgage Lending and Administration Return (MLAR). The FCA plans to collect additional data items from non-deposit taking mortgage lenders, to monitor the prudential position of these firms and their compliance with our new MMR rules.

The deadline for comments is 15 August 2013.