The specialist bridging lender said reaction to a pilot event held in mid-January was so positive that it would be hosting more sessions to help intermediaries get to grips with the regulatory changes.
Duncan Kreeger, Managing Director, said with less than two months to go before the implementation of MCD, intermediaries can no longer afford to bury their heads in the sand.
“We’ve fielded a steady stream of queries from brokers since the final rules were published last March, which has grown in volume as the deadline edges closer,” said Duncan.
“Happy as we are to help brokers with these individual requests, we thought it would also prove useful to hold a session where intermediaries can hear from our compliance team in person about the implications of MCD and in particular how they submit cases given the new paperwork required and new measures such as the reflection period.”
Jackie Steel, Group Compliance Officer, added that it was important to ensure the customer journey is not interrupted by the lack of a transitional period within MCD.
“Any regulated mortgage contracts which are entered into from the 21st March 2016 onwards will have to be underwritten under MCD regulations,” said Jackie.
“This is one of the reasons why we are commencing MCD lending from February 15th, to ensure our brokers have more time to come to terms with the changes and to prevent the need for cases to be restarted under the MCD rules.”
Sam Lee, Senior Mortgage & Protection Adviser at Capricorn Financial Consultancy, said West One has always been an approachable lender, takes its educational responsibilities seriously and is always on hand to answer questions on regulation.
“Placing a case with a lender isn’t just about headline rates, but also about the level of service you are likely to receive and how well the underwriting team understand the complexities of what the client requires,” said Sam.
“With West One this is never an issue and, given the forensic preparation they have undertaken in readiness for the regulatory regime, won’t be a problem post-March.”
Brokers wishing to attend one of the workshops should contact Francesca Kindrat on [email protected].
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