Since the Mortgage Market Review (MMR) was finalised in October
2012, in common with banks and other lenders, many building
societies have found timely implementation of the resulting change
a significant challenge. Implementation of the MMR is set against a
backdrop where some firms are struggling to evidence that they are
treating mortgage customers fairly and meeting existing Mortgage
Conduct of Business requirements. So what are the root causes of
these challenges and what can societies do to address them?
Societies continue to experience difficulties in evidencing that
they are lending responsibly, particularly when lending to riskier
customer groups, such as those with lower affordability or variable
income, or when offering 'non-standard' mortgages. Many
have struggled to develop mortgage advice processes for contract
variations and to ensure appropriate numbers of adequately skilled
agents. When a customer experiences financial difficulty, some
societies are
