Worksmart launches free MMR checklist
The checklist is for use by compliance and IT departments at mortgage lenders and has been designed to provide a clear picture of their progress toward MMR compliance.
The MMR, which comes into force in April 2014, will fundamentally change the way in which mortgages are sold, as it will place the onus for responsible lending firmly with lenders.
Worksmart’s MMR checklist is a practical guide for any companies that are currently preparing for this major change.
Colin Fox, managing director of Worksmart, said: “The prospect of MMR has created many challenges for lenders and brokers, the first of which is fully understanding what is required of them.
“We’ve designed the checklist so that companies can develop a clear picture of where they stand right now, where they need to get to and how to get there.
“Firms must show regulators and policy makers that they can seamlessly meet the MMR requirements.
“The Financial Conduct Authority will crack down on businesses that don’t have the right systems in place to comply.
“Only with rigorous checks and robust technology models that are integrated into existing business processes will companies be able to operate after the regulations are set in motion next April.
“We hope the checklist will not only help identify any areas that need more work, investment or clarity, but also show how firms are progressing toward that goal.”
Worksmart is currently working with a range of lenders to help them achieve MMR compliance. The eight point checklist has been developed according to Worksmart’s experience of real challenges tackled by companies as they adapt and review their businesses to meet the new regulatory requirements.