Santander for Intermediaries (SFI) has also announced a refresh of its introducer website which will go live from early April 2014 incorporating MMR changes.
SFI’s Agreement In Principle (AIP) decisions and credit searches are currently valid for 60 days.
But in anticipation of the refresh, SFI is advising intermediaries that any cases which have not been submitted as a Full Mortgage Application (FMA) by the beginning of April 2014 will require a new Agreement in Principle (AIP) or FMA to be created and decisioned.
All FMA cases already submitted by early April 2014 will not be affected and will continue to be processed in the usual manner, it said.
SFI said further updates are will follow over the coming weeks.
Brad Fordham, managing director of SFI (pictured) said: “The MMR is set to be the biggest regulatory change in 10 years and we are focused on making the transition as seamless as possible for intermediaries and their clients. At SFI we have been working towards delivering some great new system and process improvements ahead of the actual MMR implementation on 26 April to ensure intermediaries get the best experience and the right outcome for their clients every time.
“In the run up to MMR we will be working closely with intermediaries to ensure they have the information and support they need for a smooth transition in to the new MMR world.”
Kensington has also begun alerting brokers about its new requirements ahead of MMR, including two extra documents to be submitted alongside each case.
