An online resource dedicated to help intermediaries get to grips with the imminent arrival of Mortgage Credit Directive was set up by Nationwide, FT Adviser reports.
There is nothing brokers need to worry about, according to Ian Andrew, managing director of group intermediary sales at Nationwide, with plenty ushered in under the Mortgage Market Review or are just technicality measures that will not affect the application process or decision to lend.
He said: "We are outlining our approach to the changes needed ahead of the introduction of the MCD regulations, to support intermediaries in their planning and preparation for the new rules.
"As part of the ongoing programme of communications, Nationwide and TMW will continue to offer assistance to our intermediary partners to prepare themselves ahead of the changes in regulation.
"This includes support through our BDMs, online and through telephone support, as well as our new broker chat facility, to enable as smooth a transition as possible."
Nationwide For Intermediaries and TMW, two of the mutual's intermediary websites, contain outlines of the changes that affect each brand. It also plans to make the Frequently Asked Questions section of the site as useful as possible by encouraging brokers to contact them if they have questions.
Hoping to make it before the 26 March deadline, the society will make use of KFI plus - an updated key facts illustration - instead of just the European Standardised Information Sheet format.
Lenders are required by MCD to provide binding offer and reflection period to clients, and Nationwide stated that a binding offer should be from the date of issue, with customer's acceptance of the mortgage conditions when funds are withdrawn.
Nine days will be provided for reflection period, and postage should be within a calendar week and two days.
Should clients wish to waive the reflection period, they can do so through Nationwide or their solicitor.
New KFI will not be required from submitted pipeline cases that did not get an offer.
However, for applications submitted before it the MCD is awarded but offered afterwards, new and updated information will be included with the mortgage offer.
Buy to let applications will also be accepted by Nationwide, those across the standard TMW product range from intermediaries part of the FCA's Consumer Buy-to-let register, allowing brokers to provide advice on regulated mortgage contracts.
When implemented - within the 26 March 2016 deadline - the Mortgage Credit Directive would foster a single market for mortgages as well as protect consumer welfare.
"This is something that has to be done. We all have to comply with the changes outlined in the directive so this is a useful resource to have, and help intermediaries with the requirements set out in the directive," says Mike Richards of London-based Mortgage Concepts Associates.
