Six weeks after the Mortgage Market Review (MMR) was implemented, Intelliflo, a leading provider of web-based business management software for the financial services sector, has released its free MMR ‘MOT’. The MOT is a practical guide aimed at helping mortgage advisers identify the pain points they may have experienced following the implementation of the MMR, and provides easy to follow steps on how these issues can be overcome.
Having come into effect on April 26th, the MMR has required the majority of mortgage sales be advised, with supporting documentation kept to demonstrate the process. This industry shake up has posed challenges for both mortgage advisers and lenders alike. The key now is for mortgage advisers to understand how the MMR has impacted them and how they can respond accordingly to this new regulation. To do so effectively, they need to consider every aspect of their business, looking in particular at people, processes, strategy and technology.
Intelliflo’s MMR MOT is available to download free, and is split into these four categories. The guide includes key questions that mortgage advisers need to focus on when looking after their relationships, testing their processes, refining their strategy and implementing their technology. In the technology category, these questions revolve around how mortgage advisers are ensuring they remain compliant in a cost and time effective manor, as well as asking whether they have the tools they need to analyse, understand and improve their business.
John Penn, Head of Mortgage Proposition, Intelliflo says:
“With the recent transformations in the mortgage market, this document will serve as an extremely useful tool for any mortgage adviser wishing to assess the impact the MMR has had on their business. This guide will enable advisers to effectively identify the pain points that have followed on from the implementation of the MMR, and allow them to address them effectively.”
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“While most mortgage advisers agree that the MMR is positive for the mortgage market, they are now experiencing a period of adjustment where lenders and mortgage advisers are both establishing the best ways of working within this new dynamic. Our MMR MOT aims to help advisers assess how they have responded to these changes and embrace the opportunities that the new regulation has brought in”