FSE London: Nationwide hits back at IMLA
Speaking at the Financial Services Expo in London this morning Andrew said research from the Intermediary Mortgage Lenders Association published earlier this week was “unhelpful”.
He said: “I don’t think it’s representative of the market to suggest that lenders aren’t ready or don’t know what they’re going to be doing after the Mortgage Credit Directive rules come in next year.
“We have already said publicly what our plans are, as have other big lenders. IMLA’s comments were not exactly helpful.”
The research that sparked Andrew’s comments claimed 71% of lenders were “worried” about the impact of MCD which must be implemented by 21 March 2016 with no transition period at all.
Many of the MCD changes are of a technical nature involving new approaches to disclosure and documentation.
IMLA said the majority of lenders believe it will be at least as challenging as the Mortgage Market Review for industry to implement MCD.
Out of the 71% of lenders which claimed this, 21% said they believe it is more of a challenge, although 28% feel it will be less challenging.
Santander and Barclays published their MCD changes earlier this month while Legal & General Mortgage Club launched an MCD matrix in late August to help brokers get to grips with lenders’ changes to comply with the incoming rules.