The Financial Conduct Authority (FCA) has begun tracking intermediaries' and lenders' progress towards implementing new rules following the Mortgage Market Review (MMR).
All businesses involved in selling mortgages are being sent surveys by the regulator, while some larger companies will be subject to on-site reviews. Site visits will explore firms' business models to assess whether they have considered the areas they may need to change as a result of the new rules, which will be implemented on 26 April 2014. The MMR is introducing sweeping changes to the mortgage market. Chief among them is that lenders - not intermediaries - will be responsible for affordability checks and verifying borrowers' income "in all cases". Additionally, the regulatio...
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