Fluent Money has claimed that “strong” collaboration between lenders, distributors and brokers in the run up to the implementation of the Mortgage Credit Directive (MCD), played a key part in ensuring that business and service levels have been maintained since the deadline passed.
Allowing for the increased number of completions due to the deadline, March was one of the best months the second charge distributor had experienced, with loan completions running 50% higher than in 2015.
Tim Wheeldon, Fluent Money’s chief operating officer, helped set up an informal forum three years ago for lenders and peers in the distribution market. The first meeting took place nearly three years ago with 11 attendees; the last one was in February this year and was attended by 43 people from across the industry.
He said: “Apart from a few hiccoughs as everyone came to terms with the administrative changes, particularly over the new ESIS document, I am delighted to say that thanks to all the hard work and real collaboration across the industry, the second charge market is in a strong position to consolidate and push on to make the most of the opportunities presented by the level playing field that second and first charge markets now inhabit.”
