CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow The Conveyancing Association comments on the introduction of the MCD
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
The Conveyancing Association comments on the introduction of the MCD PDF Print E-mail
Tuesday, 22 March 2016
Concerning the introduction of the Mortgage Credit Directive (MCD) today and its impact on conveyancers, Eddie Goldsmith, Chairman of The Conveyancing Association, said:   “The introduction of the MCD brings with it a number of changes not least the full statutory regulation of second-charge mortgages plus the introduction of the new ‘consumer buy-to-let’ definition. Alongside these fundamental amendments, there are some significant changes for conveyancing firms to be crystal clear on including the new requirement for lenders to provide their customers with a ‘reflection period’ which must last a minimum of seven days and begins when the lender issues its binding Offer of Loan. To complicate matters, customers are allowed to waive their reflection period and lenders are approaching this in different ways – some are considering the submission of the Certificate of Title sufficient waiver of any outstanding period of reflection, while others will require a formal acceptance – despite the fact that the CA’s own preference was for the former rather than the latter.
“This does mean that conveyancers will need to, for example, update their mortgage checklist to record whether a formal acceptance is required, update estate agents and referrers so they are aware there may be delays if a required formal acceptance is not returned promptly, and update their mortgage report to advise the client of the reflection period and how they can waive it if they wish to. CA members have already been issued with the type of draft wording which can be included in their mortgage report to reflect these changes.

“All in all, for the ‘mortgage world’ and its stakeholders the MCD brings with it significant change and the need to ensure systems and processes are compliant with the new rules. It is therefore important that the conveyancing profession is up to speed with these new developments, firms are working with the right information, are clear on how others will be approaching MCD, and have the necessary checks and balances in place to ensure a smooth transition.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197