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MMR: Proposals will cost industry up to £170m pa
The Mortgage Market Review will cost the industry between £47m to £170m per year in ongoing compliance costs, consultancy firm Oxera has estimated in the MMR consultation paper CP11/31.
The proposals in the latest consultation paper will incur one-off costs from £40m to £65m to implement in its current form.
Changes to non-bank lenders' capital compliance rules could affect the cost for the industry the most from £16m up to £126.8m per year however the Financial Services Authority expects this cost to be at the lower end of this range.
Distribution and disclosure compliance will be the largest one-off cost to the industry from £22m to £33m.
The FSA estimates tThe MMR as a whole is likely to be net beneficial. On a per mortgage borrower basis the net well-being benefit is about £350, the benefit from reduced arrears is about £10; and the compliance costs are up to about £120 per borrower.
- MMR: 30,000 repos could have been avoided
- MMR: FCA to deliver MMR
- MMR: 70pc of sub-prime wiped out
- MMR: LTV caps ruled out
- MMR: Borrower expenditure critical
- MMR: Lenders to stress test interest rates
- MMR: Summary of the proposals
- MMR: Non-advised sales scrapped
- MMR: Whole of market and tied labels stay
- MMR: Advised sales hit 70pc
- MMR: No broker responsibility for affordability
- MMR: Help for mortgage prisoners
- MMR: Regs will cause short-term fall in GDP
- MMR: Will hit house price growth
- MMR: HNW given special treatment
- MMR: Non banks given tougher capital requirements
- MMR: 25-year term and capital buffers dropped
- MMR: No percentage target for advised sales
- MMR: Retention business will be advised
- MMR: This is it, not much left to change
- MMR: Borrower responsibility matters
- MMR: No date for individual registration
- MMR: Affordability rules for bridging
- MMR: Bridging not arrears management strategy
- MMR: Bridging put under the microscope
- MMR: Non-bank rules to apply to bridging
- MMR: One in 40 locked out of homeownership
- MMR: IMLA welcomes latest FSA proposals
- MMR: Pink says proposals are a boon to brokers
- MMR: Lenders may choose direct over brokers
- FSA fines ASU insurer for TCF fail
- Market to see gradual recovery in 2012
- Now is optimum time to rent
- Tower Bridging joins the Association of Short Term Lenders
- MMR Analysis: pride before a fall
- MMR: Mixed response from industry