NBSIS has taken the necessary steps to ensure it is compliant with all the relevant new requirements, which come into effect on 26 April.
In fact, the Society is already well prepared for the changes and anticipates it will be a smooth transition for its intermediary partners with its Lending Policy fully aligned with MMR.
The lender already has a compliant affordability calculator, which brokers can use to make affordability assessments even easier.
It also confirmed that from 14 April 2014 it will no longer accept non-advised cases. Any such cases submitted to NBSIS prior to this date must be complete by 25 July 2014 or they must be submitted again on an advised basis.
Steven Marks, Corporate Services Executive, said:
“We have worked for a long time now to ensure we are ready for any changes. This preparatory work has paid off as it now means we have systems and procedures that were already compliant well in advance.
“The developments have resulted in positive changes, which we believe will benefit our brokers and will make the implementation of MMR a smooth transition for them.”
