These will be followed by another five sessions for the mortgage advisers in estate agency chains Reeds Rains and Your Move which will also be attended by four lenders.
The sessions follow individual meetings held by First Complete with all of the main lenders. The MMR training sessions will disseminate this information and will be used to explain to advisers the changes that they can expect in criteria, in the lenders’ processing and crucially, in the amount and type of information that they will need to gather from their clients. They will also ensure that First Complete advisers fully understand the new regulations.
Toni Smith, sales operations director at First Complete, said:
“The MMR presents the biggest change to the mortgage market in ten years. The amount and type of information requested by lenders varies hugely with some requiring details of basic living costs from borrowers while others need to know much more detailed information.
“It is vital that advisers fully understand the FCA regulations, what the different lenders require and what they need to ask of their clients in the next few months. These training sessions are about presenting all of this information in a way that is both comprehensive and easy to understand, so that advisers are as equipped as they can be for the changes to come.”
