“MMR represents a seismic shift in mortgage regulations, but also the end product of a gradual process since the recession to focus in on affordability and responsible lending.
“Because of this, affordability and responsible lending are already common themes in the marketplace and will ease the process of change. ‘Going live’ with MMR will need lenders and brokers to continue working effectively together within an increasingly complex system so that consumers’ best interests are served.
“It inevitably places new demands on all involved, but there is a shared commitment at all levels of the industry to make it work. The proof of success will be delivering the high quality customer outcomes we all desire in the months ahead. In simple terms, it means enabling access to advice and products that are best suited to borrowers’ circumstances, both in the short and long term.
“The last 12 months have heralded the welcome return of consumer confidence to the mortgage market. MMR is another important milestone in the continuing recovery and careful handling will ensure that customers are better off for it.”
IMLA has worked with the Council of Mortgage Lenders (CML) and Association of Mortgage Intermediaries (AMI) to update its Working together 2014 .
Peter Williams, IMLA Executive Director, is available for further comment on MMR on request.
For further information please contact:
Andy Lane / Ludo Baynham-Herd, The Wriglesworth Consultancy
Tel: 0207 427 1422 / 29 / Email: firstname.lastname@example.org
Notes to Editors
The Intermediary Mortgage Lenders Association (IMLA) is the trade association that represents mortgage lenders who lend to UK consumers and businesses via the broker channel. Its membership of 40 banks, building societies and specialist lenders include 16 of the 20 largest UK mortgage lenders (measured by gross lending) and account for about 90% of mortgage lending (89.4% of balances and 90.6% of gross lending).