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Paradigm releases latest adviser MMR update

  • 08/04/2014
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Paradigm releases latest adviser MMR update
Paradigm Mortgage Services has launched its latest Mortgage Market Review (MMR) update for advisory firms.

This latest document looks at the key compliance responsibilities that adviser firms must have in place when the MMR begins on April 26.

Paradigm is also hosting an MMR matrix which shows the changes each lender has made ahead of MMR implementation.

Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Even though we are just under a few weeks away from the MMR implementation date it will not have escaped advisers’ notice that many lenders are switching their systems and processes on early.

“Our latest MMR update recognises this and provides advisers with a range of useful information about their own MMR responsibilities and links to lender changes. The lender matrix will continue to be updated up to the 26th April and beyond because we fully anticipate further changes and tweaks to be made by lenders as they get to grips with the new rules and they see how they work in a practical environment.

“While many lenders have been slowly introducing these changes over a period of time we still believe there will be ongoing interpretation changes and therefore the way they approach MMR will also change over time.

“This means MMR does not simply begin and end on the 26th but it is likely to be a ‘moveable feast’ – Paradigm will therefore continue to offer advisers access to a range of relevant information and support that can help them come to terms with the biggest regulatory changes to the market since ‘Mortgage Day’.”

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