The FSA will publish a feedback statement and the final rules following the end of consultation in summer 2012.
The regulator said it would have to consider market conditions and may defer implementation should it prove necessary.
However if there was widespread support for particular proposals, for example in relation to mortgage arrears charges, then it has said it may implement some aspects sooner.
The FSA said it would conduct a formal review on the impact of its proposals not more than five years after implementation.
In October 2009 the FSA published the MMR discussion paper DP09/03 which laid out the concerns it had about the UK mortgage market and invited debate on a suggested package of reforms to address them.
In the DP the regulator stated its intention to take immediate action to address poor arrears-management practices identified from its thematic review of lenders’ arrears-handling practices.
The FSA also signalled its intention to bring all those who advise on or sell mortgage contracts into the Approved Persons regime, to reduce mortgage fraud and raise standards and improve the profile of mortgage advisers. The implementation date for this regime is still unconfirmed however.
In January 2010 the first MMR consultation paper CP10/2 was published.
The FSA then turned its attention to put in place a framework to ensure a more sustainable mortgage market that worked better for consumers across the economic cycle.
In July 2010, a consultation paper on responsible lending CP10/16 was published focused on the regulatory obligations of lenders and suggested the changes the FSA thought was necessary to deliver a more responsible approach to lending and borrowing in the future.
In November 2010 a consultation paper on distribution and disclosure CP10/28 was published, focused on enhancing the mortgage sales process, the role of intermediaries and improving disclosure information for consumers.
Today's paper is the comprehensive package of proposed measures following industry wide consultation.
