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

Brilliant racks up a memorable afternoon for charity

Brilliant Solutions was on cue at Rileys as 70 players and several late arrivals...

Rayner rules out rent controls

Housing Secretary Angela Rayner has ruled out rent controls in England, providing greater certainty...

Mortgage Brain adds Uinsure home insurance quotes to CRM platform

Mortgage Brain has integrated Uinsure with CRM Brain, allowing brokers to arrange buildings and...

Nationwide and Accord the latest to increase rates

Mortgage borrowers have been urged to review their options after Nationwide and Accord increased...

Four in five first-time buyers say schools failed to teach mortgage basics

Almost four in five UK first-time buyers believe their education failed to prepare them...

Latest publication

Other news

Rates are moving and regulation is evolving

Many lenders are having to increase their rates, and that trend looks set to...

Building tomorrow’s mortgage market: AI built on trust, governance and confidence

The government's Financial Services AI Adoption Plan, led by Harriet Rees, group chief information...

The protection prompt: what AI still needs to get right

The Mills Review has prompted plenty of discussion across the mortgage industry. While much...