Industry collaboration ensures strong business levels post-MCD
Fluent Money says that strong collaboration between lenders, distributors and brokers in the run up to MCD implementation played a big part in ensuring that business and service levels have been maintained since the deadline passed.
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Allowing for the increased number of completions due to the deadline, March was one of the best months the company had experienced, with loan completions running 50% higher than in 2015.
Chief Operating Officer, Tim Wheeldon, set up an informal forum three years ago for lenders and peers in the distribution market.
Wheeldon said:
“Apart from a few hiccoughs as everyone came to terms with the administrative changes, particularly over the new ESIS document, I am delighted to say that thanks to all the hard work and real collaboration across the industry, the second charge market is in a strong position to consolidate and push on to make the most of the opportunities presented by the level playing field that second and first charge markets now inhabit.”
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