The “MMR Matrix” is designed to make it easy for brokers to track what has been announced as lenders make their preparations for the new regime, which comes in to force in April this year.
This first issue of the Matrix shows information on 16 lenders, including communication dates, links to communications and pipeline information, an indication as to whether the lender is adopting any changes to processes and systems, new documentation and any changes to its website.
The information has been compiled by Legal & General and is collated from information already released by lenders. In order to keep brokers informed and provide the most up to date information, Legal & General Mortgage Club will update the matrix as more lenders announce their plans in the coming weeks. Brokers wishing to see the matrix can click here.
Jeremy Duncombe, director, Legal & General Mortgage Club, said: “The aim of the MMR Matrix is to give brokers one place where they can find out how prepared each lender is ahead of the MMR.
“Obviously brokers are going to be affected by the changes that lenders will adopt and we hope our simple overview will prove to be a useful resource.
“Lenders only have a few more weeks to make sure they are compliant with MMR and so our matrix will be updated regularly to ensure we are providing the latest information.”
