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CML, IMLA and AMI publish guide to MMR

Robyn Hall

April 22, 2014

The guide, Working Together, brings greater clarity and transparency on how lenders and intermediaries work together on mortgage sales and administration once the Mortgage Market Review rules are implemented on 26 April 2014.

The new revised guide replaces the existing Working Together document which was published in October 2010.

The industry already does much of what is in the guide but the intention is to provide everyone – intermediaries and lenders – with a shared reference point and a clear description of good practice given the (broad) changes to regulation that the industry will see once MMR is implemented.

The guidance is aligned with both the FCA Handbook requirements and relevant Treating Customers Fairly guidance. It sets out good market practice and aims to promote high quality working standards, and the achievement of good customer outcomes, through productive collaboration between the lending and intermediary sectors.

Paul Smee, director general at the CML, said: “The new regulation of mortgages that takes place at the end of April will bring significant change to the industry and this updated guide will be a useful benchmark for implementing the new rules for both lenders and intermediaries.

“This collaborative approach in working jointly with the IMLA and AMI demonstrates the effectiveness of joint engagement in driving good practice within the industry to deliver good outcomes for customers.”

Peter Williams, executive director at IMLA, said: “On the eve of the formal start of new MMR rules it is clear that now more than ever before we need to ensure lenders and intermediaries work effectively together. The guide sets out a shared commitment to do this and in the best interests of the customer. This is a message which we know will find support at all levels of the industry. The guide seeks to provide a simple way through what is an ever more complex system. The proof of its success will be in helping ensure this new more strongly advised and evidenced based system delivers the high quality customer outcomes we all desire.”

Robert Sinclair, Chief Executive at AMI, said: “This Working Together document is tangible proof that our industry works best when it works together. Achieving agreement between AMI, CML and IMLA as we absorb the new MMR rules evidences the partnerships that truly operate successfully across our industry. This revised document should help all parties to ensure they are aware of their respective roles and responsibilities in our ever developing market.”


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