Legal & General Mortgage Club has responded to Clever Lending’s survey on the Mortgage Credit Directive (MCD).
The secured loan master broker recently revealed that its survey of mortgage brokers had found that 71% of them were not ready for MCD regulation.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Many brokers are seemingly unprepared for the upcoming Mortgage Credit Directive (MCD), but there a number of ways in which they can get themselves up to speed with what’s required of them. First and foremost, it’s crucial that those who haven’t started to prepare for the regulation do so immediately. Many lenders will begin enforcing the new rules ahead of the March deadline, so time really is of the essence.
“A number of resources are available to help brokers get started, such as our MCD Guide & Matrix, which explains the changes and provides up-to-date information on what will be expected of brokers, along with details of when lenders plan on enforcing the new rules. Our upcoming Mortgage Club LIVE autumn events will also give people a chance to discuss the new regulation, and to pose questions for key industry figures, such as Lynda Blackwell from the FCA.
“Advisers adapted well to the Mortgage Market Review (MMR) last year, which was a much more substantial change in comparison to the MCD. That said, it’s paramount that brokers make use of the resources available to them as soon as possible to ready themselves for the MCD.”