MBE 2013: MMR rules will come early

Speaking at the Mortgage Business Expo, James Chidgey, senior manager, Group Intermediary Sales at Nationwide said there is a high probability that lenders will be putting their “well before the 26 April implementation date”.

He said: “Come next March, or the beginning of April, the new mortgage market rules are likely to be rolled out.

“There are over 50 lenders out there at the moment and I would expect the majority to go early. The big five, including us at Nationwide, are likely to be going early.”

Chidgey advised brokers to stay in close contact with their lenders to ensure that they keep up to date with any policy changes.

He also warned brokers that they could face a communication overload at the beginning of 2014.

He said: “The implementation of MMR provides a communication challenge for the entire industry.

“Those who deal with a large panel of lenders could face a communication overload.”

Chidgey said that DA’s could face the added challenge of trying to understand the new rules and processes without the support afforded to AR’s from networks.

He said: “AR’s are better placed to cope with MMR as the networks are working hard to support them.

“DA’s will be at a disadvantage and are going to have to make their own plans and stick close to lenders BDMs to ensure they cope with the rules.”