Mortgage Market Review (MMR)
Since the credit crunch and associated recession, the mortgage market has been subjected to a significant amount of scrutiny from the FSA and its Mortgage Market Review has prompted or proposed a number of changes to:
- The suitability requirements;
- The assessing affordability/responsible lending requirements;
- The pre and post-sale disclosure requirements;
- The mortgage arrears collections requirements; and
- The division of responsibility between mortgage lenders and intermediaries.
In addition to this, the FSA has continued its thematic work in the mortgage space, concentrating on sales of mortgage payment protection insurance and on combatting mortgage fraud.