Nationwide launches MMR web page
The webpage, available on the Nationwide For Intermediaries website, offers latest news and information, a guide on what happens to pipeline applications, additional questions and the range of proofs.
Ian Andrew, Nationwide managing director of group intermediary sales, said: “Any changes to Nationwide’s processes will be focused on evolution rather than revolution. We are committed to supporting intermediaries through the changes and providing the relevant information to those we work with closely, so that they in turn can support their clients.
“As a result, we believe there should be a limited impact on the time it takes to submit and process a mortgage application with Nationwide.”
The building society is reviewing its processes regarding MMR regulations from April 14.
Changes will include new income proofs to support an application with regard to bonus, overtime or commission income, as well as proof of the origin of the deposit when it is more than £20,000.
Nationwide is providing a series of communications to key distributors outlining changes, having held an MMR Forum for intermediaries to give detail on revisions.
On affordability, new questions will address childcare costs for dependent children and the price of regular travel.