Some lenders including Kensington and Santander have already told brokers what changes they will be making to meet the new rules, which come into force on April 26.
However the latest Mortgage Solutions People’s Poll found 83% of brokers feel that, across the industry, lenders have still not provided them with enough guidance.
Just 17% said the information given has been sufficient.
Legal & General recently released an MMR Matrix which showed when lenders were expecting to inform brokers of any system changes, with some providers planning to communicate their plans as late as the end of March.
Earlier this week Peter Williams, executive director of the Intermediary Mortgage Lenders Association, said lenders were currently preparing their systems to meet the new rules.
“In the short term we are facing a likely drop in mortgage approvals as new practices are set in stone and while any remaining gremlins in new IT systems and processes are ironed out,” he said.
“Lenders’ concerns about the availability of advisers and communicating affordability measures are perhaps unsurprising given they are primarily responsible for the new checks.
“However many are ready for MMR and focused on ensuring as smooth a transition as possible.”
