International Top 30 position: 4

MMR (Mortgage Market Review) is here — are you protected?

By Andrew Barber and Emma Radmore

The Financial Conduct Authority’s (FCA’s) take on the feared childhood jab, in the form of the alternative MMR, the Mortgage Market Review, means that major changes to rules on selling regulated mortgages take effect from 26 April 2014. Here we look at what those who lend and advise under regulated mortgages must do to comply with the new rules.

Regulators perceived that the regulatory framework surrounding mortgages worked well for many customers but did not properly constrain high-risk borrowing and lending. It also did not adequately deal with the detriment customers could suffer when in arrears. As a result, certain customers suffered significant hardship because of their mortgage arrangements. After a series of consultation papers, the (then) Financial Services Authority (FSA) announced a series of changes to its rules, chiefly to the ‘Mortgages and Home Finance: Conduct of Business Sourcebook’ (MCOB). The changes take effect on 26 April 2014 and affect those who lend and those who advise or intermediate on mortgage sales…

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