Mortgage News
Three-quarters of brokers say MMR has extended client meetings
Three-quarters of brokers say client meetings are taking longer since the implementation of MMR, with a third claiming the process has been extended by over an hour.
With three months having passed since the implementation of the new rules 75% of respondents to our poll said they had seen an increase in the length of meetings with clients.
One-in-five (21%) brokers said their meetings had increased by less than 30 minutes but for the remainder the change had been more profound.
A quarter said meetings were taking between 31 and 60 minutes longer while 29% said meetings were taking an hour or more longer than they were previously.
Just 25% of brokers said they had seen no difference in the length of their client meetings since MMR.
In a blog for Mortgage Solutions last month BDRC Continental’s Tony Wornell said brokers had been hit by a slowdown caused by MMR.
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“There is no doubt in the minds of mortgage intermediaries that the introduction of MMR has had, initially, a big negative impact on business,” he said.
“Most feel lenders are not coping well with MMR, causing a reduction in business volumes and having a knock-on effect on intermediaries’ own service delivery.”