Speaking at the Mortgage Business Expo today Sheila Nicoll, director of conduct policy at the FSA, said the industry should "hold off buying a heavy doorstop in the next few weeks".
She said: "There is always a balance to be struck between getting something out and getting something right."
She confirmed the fourth paper would be a "very comprehensive document" covering a "refined view" of everything outlined in the first three MMR papers.
As part of the consultation process Nicoll said the FSA would be holding regional events next year where brokers and the industry could discuss their feedback on the reviewed MMR.
"You're the ones who know how the market works and we want to hear from you," she added.
Yesterday Robert Sinclair, director of the Association of Mortgage Intermediaries, called for the FSA to stop worrying about the precise content and publish soon.
Sinclair said: "The market needs certainty about what business will look like in the years to come."
