Speaking at the Mortgage Business Expo James Chidgey, senior manager, Group Intermediary Sales at Nationwide said he was concerned that the FCA had yet to issue clarification on the future of cases underwritten before the MMR is implemented on April 26 2014.
He said if the issue of pipeline cases is not resolved it could be set to “impact the entire industry”.
At present lenders and brokers know that cases at the offer stage by the implementation date will be acceptable but questions still remain about those that face changes.
Chidgey said: “The latest guidance on pipeline cases from the FCA is still being clarified.
“But questions remain about to what degree cases in the pipeline are still acceptable.
“Any material changes to cases could have a significant impact on both clients and brokers.”
He also warned brokers that they should not be blasé about the impact of MMR.
He said: “Make no mistake MMR will have an impact on all of us. It needs to be studied long and hard.”
