paradigm mortgage target – summer 2010范式抵押标的–夏天

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1、August2010-TargetSpecialEdition–MortgageMarketReview(PrinterFriendlyVersion)EditorialWelcometoTarget,WelcometothisspecialeditionofTarget.Inthisedition,wefocussolelyontheFSA’srecentMortgageMarketReview(MMR)whichhassignificantimpactforfirmswhoprovidemor

2、tgageadvice.TheMMRbringsintoforcesomeofthemostimportantchangesseentomortgageregulationsince‘M-Day’inOctober2004;changeswhichwillhaveamajorimpactonthemarketgenerallybutperhapsmoreimportantlywillseefirmshavingtoimplementcriticalchangeintotheirbusiness.A

3、rguablyoneofthemostimportantchangesbeingintroducedwillseemortgageadvisersrequiringapprovedpersonsstatusfromtheregulator,fallingunderthesamerequirementsasadviserswhoprovidefinancialadvice.Clearlythiswillresultinfirmshavingtoassesshowthiswillaffecttheir

4、businessbothintermsofcostandtheircomplianceframeworkandforsomethismayinitiallyappearsomewhatdaunting.ParadigmhowevercanhelpandaheadofourAutumnroad-showwehopethisissueofTargetassistsyouinunderstandingtheanticipatedchangesresultingfromtheMMRandhighlight

5、inghowwecanhelpyoumanagethismajorchange.Contents·Background·MortgageAdviserstobeApprovedPersonsunderFSA·NEWstandardsforresponsiblelending·ArrearsHandling·HowcanPARADIGMHelpYou?BackgroundTheFSA’sMortgageMarketReview(MMR)hasbeenundertakenagainstabackgro

6、undofwhatmanyintheindustryhaveseenasirresponsiblelendingandincreasingmortgagefraudandmalpractice.Thechangeswhichwillbeimplementedasaresultofthereviewaimtoreducetheriskofirresponsiblelending,preventunsuitableindividualsfromoperatingwithintheindustryand

7、tomakethosethatdoaccountablefortheiractions.ThesenewruleswillallowtheFSAtosanction,whereappropriate,thosethatfailtomeettheregulator’srequirements.Inrelationtotherequiredapprovalofallmortgageadvisers,itishopedthatthesechangeswillcontributetoareductioni

8、ntheamountoffraudinthemortgagemarketbyeitherdeterringrogueindividualsfromenteringthehomefinancemarketorfromcontinuingtooperateinit.Itwillalsoleadtoincreasedtransparencyenablingconsumerstoidentifyindividualswhohavebeenapprovedbytheregulator.Not