Unicorn ready for MMR impact

Unicorn Training has welcomed the long-awaited publication of the FSA’s Mortgage Market Review (MMR) proposals, which were unveiled this week (19 December 2011).

With the proposals inevitably having an impact on short, medium and long-term lender, intermediary and broker training, mortgage firms will be able to take advantage of MMR-compliant Unicorn Training eLearning in the first half of next year.

The MMR consultation is open until 30 March 2012, and the FSA is expected to make a decision on the final rules next summer with full implementation not due before 2013.

But all of Unicorn’s mortgages and arrears and possession courseware, endorsed by the Council of Mortgage Lenders (CML), is already being updated to comply with the expected MMR standards, with work on the new mortgage regulations eLearning well underway.

This across-the-board content update includes the Chartered Insurance Institute (CII) CF6
Mortgage Advice module, which forms part of the CII’s Certificate in Mortgage Advice.

Peter Phillips, Unicorn Training director, explains: “The MMR has been on the agenda for almost two years so although we have only just received the first formal set of proposals from the FSA we have been preparing scripts for the new and updated mortgage-related content for some time so that all lenders, intermediaries and brokers are able to get ahead in acquiring the latest knowledge they need to become, or remain, MMR compliant.”

The FSA formally announced its review of the mortgage market in February 2009, following the global financial crisis. The aim of the MMR was to deliver a sustainable market for all that is flexible for consumers, and covers all aspects of regulation, including prudential, conduct of business, and financial crime.

Unicorn’s current Mortgages Essentials suite of eLearning encompasses the following Mortgage Regulation (MCOB) modules.
• Introduction
• Application and Purpose
• General business standards
• Financial Promotion
• Advising on and selling regulated mortgages
• Product disclosure: pre application
• Product disclosure: offer stage
• Product disclosure: start of the contract and after sale
• Lifetime mortgages: advising on and selling
• Lifetime mortgages: product disclosure
• Annual percentage rate
• Responsible lending
• Charges
• Arrears and repossessions (MCOB 13)

Mortgage Essentials is currently studied in conjunction with Unicorn’s Banking Essentials suite, which incorporates modules on financial crime, Direct Debit, Approved Persons, complaints, data protection, information security, TCF, role of the FSA, whistleblowing at work, Consumer Credit Act, and FSA senior management arrangements, systems and controls.

For further information on the FSA’s Mortgage Market Review proposals click here

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