A new set of rules for mortgage sales and servicing has been adopted by the Association of Mortgage Intermediaries, the Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association.
Members of the three industry bodies will adhere to a new set of guidelines called Working Together.
The new document will replace the existing version of the guide and reflects changes that occurred with the introduction of the Mortgage Credit Directive.
Intended to help promote consistent standards across the mortgage industry, the guide follows the FCA Handbook requirements and Treating Customers Fairly guidance.
Robert Sinclair, chief executive of AMI, underlined the role the guide can play in setting expectations for professional behaviour.
He said: “In a predominantly intermediated mortgage world with increasing numbers of challengers and new entrants, this document sets out clearly expectations from all parts of the market how we should interact.
“The document’s evolution also allows us to track how the market changes over time and what are the key changes that have occurred. Working together is an important sign-post to all that the mortgage market is a sum of all its parts, and in doing so it is stronger and better for the consumer.”
Peter Williams, executive director at IMLA, said: “Most mortgages are sold through intermediaries and it is essential that lenders and intermediaries work together effectively not least to ensure good customer outcomes.
“This third version of the guide has been updated to reflect current realities and to pick up on evolving practice issues. For new entrants to the market it is a helpful checklist, and for established players it provides a benchmark against which to check current procedures.”
Paul Smee, director general at the CML, said the publication of a third version of the guide is a testament to its relevance.
He added: “The fact that we are now onto the third version of this guide shows that it is standing the test of time as a useful framework for both lenders and intermediaries in working together. Good collaboration between lenders and intermediaries, based on clear communication and understanding, is a vital component of ensuring good outcomes for customers.”