The Mansfield Building Society has outlined its approach to the Mortgage Credit Directive (MCD).
The mutual will be introducing KFI+ for new business and mortgage offers this month.
It will also be operating within the new Consumer Buy to Let (CBTL) regulatory framework for brokers with the appropriate CBTL permission on the Financial Services Register.
As part of the process changes in February, the Society will also begin issuing binding offers with a 10 day reflection period from the date of issue. Customers will be able to opt out of the reflection period by completing and returning their binding offer within this period.
If a signed acceptance of the current offer has been received on or before 20 March, the completion will proceed under the current regulations, if not the Society will issue the offer under the new regulations.
The Mansfield will use transitional provisions in February and March to streamline the move to MCD. The pipeline will also be monitored on a case-by-case basis to assess which applications may be affected and the Society will be working individually with both brokers and customers to reduce any disruption.
David Charlton, Mortgage Credit Directive project manager, said the experience of customers and brokers remains a high priority.
He said: “We have already made great strides in assessing the needs of the new regulatory environment and are on course to implement the necessary changes ahead of the 21 March deadline. We’re now giving our brokers notice of what key changes they can start to expect.”
Charlene said the mutual had been adding supporting information for brokers on its website and that and its intermediary sales support team will be working closely with mortgage underwriters to identify and assist individual cases.
“At the Society, we take pride in the personal service that we provide and we will be monitoring our mortgage applications closely in the weeks ahead as we make the transition into the new regulatory regime,” he added.
