The Lending Wizard reveals MCD strategy
The Lending Wizard has split its strategy into technology, talent and training.
In terms of ‘technology’ Freedom Finance has updated its systems and enhanced its broker loan sourcing tool. It told lenders that investing in new systems with drive competences up in other sales and operational areas.
In terms of ‘talent’ The Lending Wizard said lenders have a duty to treat customers fairly, while they must make sure staff have appropriate knowledge and competence.
‘Training’-wise The Lending Wizard is putting all of its specialist staff through training this year. All advisers will have to be qualified with a Certificate in Mortgage Advice and Practice (CeMAP) by January 2016.
Nicola Mooney, head of secured, intermediary & business finance at Freedom Finance, said: “More and more brokers are considering secured lending and it is clear that regulators want to create a ‘one mortgage market.’
“Second charge lenders have been able to apply for mortgage permissions from April so, with less than one year to go, now is the time for brokers to familiarise themselves with secured loans and the regulation surrounding these products.
“Although there is still time for intermediaries to prepare for the upcoming changes, they should be thinking seriously about getting the right systems and processes ready for 2016.
“Freedom Finance’s strategy is another step towards a clear proposition that gives accurate, tailored information to intermediaries, as well as helping them to meet all the obligations of the regulators and ultimately, the end customer.”