Don’t let booming business hamper MMR preparation
21 Nov 2013
I am, without question, a glass half full type of individual. I much prefer to see the positives in a situation, where others may be less willing to so.
My propensity to look onward and upward was brought home to me recently when I saw coverage of a survey by Iress into brokers' thoughts and preparations for the Mortgage Market Review (MMR).
It was intriguing to see the way different publications tackled the results. One headline I saw read that 69% of brokers felt prepared for MMR - a glass half full approach if you ask me - while another focused on the fact nearly a third felt underprepared.
The first point to address is clearly one of understanding. In the survey over two-thirds of respondents felt they now understand the changes, which is clearly a start. Moving from understanding to implementation is however a far bigger leap and clearly many firms are not yet moving on with a plan of action which is beginning to be implemented.
Some 29% said they had already made changes ahead of the April 26 implementation date, 40% said they knew what they had to do but hadn't done it yet, while 32% effectively said they understood nothing of the changes required and had, quite obviously, done nothing about it.
It is this final group which will provide the regulator with the most worries at this stage however (and this isn't blind optimism), looking at the next five months, there is still ample time for those who class themselves as under-informed to get a steer on all things MMR and its requirements. And most importantly there is no shortage of help available to those who actively want to engage with MMR and ensure they remain in business post-April.
Perhaps some firms' preparations have been, for want of a better word, hampered by the recent increase in business? Whilst there's clearly nothing wrong with embracing this as a priority given we have all been working in a market which has been far from positive in recent years, neglecting regulatory responsibilities as a result is utterly foolish and could have a deep negative impact on a business.
Now, not later is the time to embrace the challenge of MMR, prepare and plan for it, and implement the necessary changes. That way you will continue to reap the much deserved rewards that a strengthening mortgage market brings.
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