First Complete has started to carry out UK-wide training on the impact of the Mortgage Credit Directive (MCD) and how it will affect brokers in the network.
The training began on Tuesday 23 February and will take place over the next three weeks at 16 sessions across the UK.
The network says it has been timed to give brokers all the information they need in advance of the Mortgage Credit Directive coming into force on 21 March.
In total, over the next three weeks, more than 1000 brokers will undergo training. This will not only include First Complete network members but also all brokers employed by both Reeds Rains and Your Move, both of which are ARs of First Complete.
The training is being followed up by communications on exactly what each lender is doing, who is adopting the new ESIS and who will have the KFI plus and when each lender will go live with this.
The training will also cover what brokers need to do if they want to deal with second charge loans. First Complete has put in place a panel of master brokers comprising V Loans, Positive Lending and Loan.co.uk that brokers can refer their second charge cases to. The training will also look at how to deal with the new reflection period for all regulated loans and what declarations and other information brokers now need to share with their clients.
There will be lenders present at every training session to also explain the new rules from their perspective and what they are now expecting from every broker.
Toni Smith (pictured), sales operations director of First Complete, said: “This training has been timed to be as close to the MCD implementation date as possible so that it is fresh in the mind of all of our brokers when the new rules kick in. This training follows up sessions that we carried out in the second half of last year where we explained the scope of the MCD, together with what changes brokers had to make at that point and any additional permissions they had to apply for.
“In addition, we are backing up our in-depth training with weekly, and sometimes daily, communications on the moves that each individual lender is taking.
“This training will ensure that every single broker in First Complete is completely up to speed on what they need to do come March 21st.”
