Mortgage News
Increased admin is brokers’ biggest post-MMR fear
More than a third of brokers have expressed concern about the level of admin they will be required to complete after the implementation of the Mortgage Market Review.
Research by technology firm Intelliflo asked brokers whether they felt prepared for the regulations, which come into force a month today, with 91% stating they are ready for the changes.
Almost three-quarters (72%) believed MMR would be positive for their business although 34% said they had concerns over how to deal with an increased admin workload. A further 11% expected MMR to negatively impact their sales levels.
Of the brokers who have updated the technology they use in their business 72% said they had spent less than £3,000 on system changes ahead of the rule change.
John Penn, head of mortgage proposition at Intelliflo, said: “The main impact that the MMR will have on mortgage advisers will be the increased need for audit trails and detailed documentation to illustrate that specific checks and conversations with clients have taken place.
“It therefore makes sense that our survey found advisers’ biggest concern to be around administrative requirements.”
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