MCD
Mortgage regulation is changing as a result of the European Mortgage Credit Directive (MCD) and Lenders will be implementing the required changes between now and 21st March 2016. Some of the changes include a move from the KFI to the KFI+ or ESIS, the introduction of binding offers, and foreign currency loans offered by some lenders. We will keep you updated.
Business Quality remains the most important message to you from all our Lender partners…
- Please ensure that you provide all required documents with your mortgage application at first point and react quickly to any lender requests.
- If for any reason a case will not be proceeding please notify the lender to ensure that they close down that case.
I visited Virgin Money HQ this week and met with their Teams. There are lots of changes to help support your business including up front underwriting, watch out for further details.
Changes this week:
- Leeds BS, Tipton and Mansfield have joined our lender panel.
- NatWest have lowered their loan to income ratio on cases sub 85% LTV to 4.45 times income. This will be reflected in your clients affordability calculation so expect to see a slightly lower maximum loan.
Lender Registration reminder…
Please register on each lenders website as an AR of the Right Mortgage and Protection Network.
The exception is for Woolwich where you should register as a DA of the Right Mortgage, this is a temporary system fix.
