Paradigm releases latest MMR planning update

Published on

Mortgage Market Review

Paradigm Mortgage Services has published the latest instalment in a series of updates designed to help intermediaries be prepared for next year’s implementation of the Mortgage Market Review (MMR).

The latest edition carries a link to a planning tool as well as a template chart which brokers can use to devise their own strategies to aid MMR readiness. Paradigm has drawn up the template version based on the best practice examples it has witnessed to date.

The current issue of the Paradigm MMR publication follows the launch copy which encouraged readers to compile a list of all those within their business who would be affected by the changes and consider what alterations need to be made to procedures such as training and competence schemes and disclosure documentation.

Future instalments of the publication are scheduled to include policy templates around issues such as potentially vulnerable clients and execution-only sales, as well as including Q&As generated by readers.

Although initially devised and published with Paradigm’s members in mind, the group is keen for the guides to help raise professional competence across the industry, so is making the updates accessible to all on its website.

Bob Hunt, chief executive of Paradigm Mortgage Services, said: “April 2014 may seem like a long way away but brokers can rest assured the MMR implementation date will soon sneak up on them, especially if they have not already begun their preparations for the new regime.

“As a group we are well on the way to ensuring our own protocols are future-proof but we are keen to help our members get ready too. We thought a series of informative guides would assist time-pressed brokers in digesting the latest developments and issues from the Financial Conduct Authority as well as offering them a platform to discuss topics that may arise as the deadline draws closer.

“The MMR offers the mortgage market a fantastic opportunity to raise the standards of professionalism in the eyes of consumers, but it is vital that firms start putting the correct procedures in place now and don’t wait until it is too late.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

2 COMMENTS

Comments are closed.

Latest articles

Financial firms warned over gaps in tackling domestic and economic abuse

Financial services firms are failing to ask the right questions about domestic and economic...

Family boosts buy-to-let borrowing by up to 35%

Family Building Society has enhanced its buy-to-let affordability assessment, increasing potential borrowing by up...

Average mortgage payments down £119 year-on-year

The average monthly mortgage payment for a new homebuyer has fallen by £119 over...

Wealthy investors increase exposure to buy-to-let as tax allowances are exhausted

Affluent UK investors are allocating more capital to buy-to-let property once ISA and pension...

The Yorkshire urges shift towards repurposing to unlock 2.5m homes

Yorkshire Building Society has called for a fundamental rethink of housing policy, arguing that...

Latest publication

Other news

Financial firms warned over gaps in tackling domestic and economic abuse

Financial services firms are failing to ask the right questions about domestic and economic...

Family boosts buy-to-let borrowing by up to 35%

Family Building Society has enhanced its buy-to-let affordability assessment, increasing potential borrowing by up...

Average mortgage payments down £119 year-on-year

The average monthly mortgage payment for a new homebuyer has fallen by £119 over...