Paradigm braced for MMR
The mortgage services proposition has released its eighth document on regulatory updates, covering compliance responsibilities adviser firms must have in place when MMR begins on April 26.
Firms and employees must be aware of key MMR measures and their company’s response.
This includes the execution-only policy, signing off new advisers as competent, applying for any new permissions, understanding the nature of ‘vulnerable clients’ and knowing how they will approach their disclosure documentation.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Even though we are just under a few weeks away from the MMR implementation date it will not have escaped advisers’ notice that many lenders are switching their systems and processes on early.
“Our latest MMR update recognises this and provides advisers with a range of useful information about their own MMR responsibilities and links to lender changes.”
The lender matrix will continue to be updated up until 26 April as further changes and tweaks are expected going forward.
The latest update includes Paradigm’s MMR Lender Matrix which allows advisers to easily review and update their own criteria amendments based on MMR changes from lenders.
The Matrix shows what changes each lender has made, while also including links to each lender’s affordability calculator, lending criteria, when they will be compliant and their MMR update page.
Hunt added: “While many lenders have been slowly introducing these changes over a period of time we still believe there will be ongoing interpretation changes and therefore the way they approach MMR will also change over time.
“This means MMR does not simply begin and end on the 26 but it is likely to be a ‘moveable feast’. Paradigm will therefore continue to offer advisers access to a range of relevant information and support that can help them come to terms with the biggest regulatory changes to the market since ‘Mortgage Day’.”