Three-quarters of brokers say MMR disruption has extended client meetings.03/07/2014 By Tony Wornell
The introduction of the new MMR rules has caused widespread disruption for mortgage intermediaries and mortgage lenders.
Brokers are experiencing this same disruption in their client meetings, leading to a general extension in meeting length. Three-quarters of brokers said client meetings were taking longer since the implementation of MMR.
One-in-five said their meetings had increased by less than 30 minutes but for the remainder the change had been more profound. A quarter said meetings were taking between 31 and 60 minutes longer and a third claimed the process had been extended by more than an hour.
With three months having passed since the implementation of the new rules 75% of respondents to BVA BDRC’s poll said they had seen an increase in the length of meetings with clients.
Brokers have been hit by a slowdown caused by MMR and most lenders are not coping well with the changes, causing a reduction in business volumes and having a knock-on effect on intermediaries' own service delivery. There is no doubt in the minds of mortgage intermediaries that the introduction of MMR has had, initially, a big negative impact on business.