Norton Home Loans has completed what may be the secured loan industry’s first MCD-compliant loan since they went live with the new regulation on 15 February.
The fact find, advice and packaging were completed all within six working days by Loans Warehouse.
Paul Stringer, loans and mortgages director at Norton Finance, said: “The team at Loans Warehouse are well known as being one of the most efficient brokers for secured loan packaging in the industry. This has been again confirmed by the excellent service their customer received with a six-day turnaround.”
Norton completed the pack checks, customer security checks and sent the binding offer all on the day of receipt, the customer then immediately returned the binding offer where funds were then released the same day the document was received.
Matt Tristram, co-founder and director of Loans Warehouse, said: “Whilst it wasn’t a race, it’s fantastic to see the new MCD process working so well.
“We believe the changes under the new regulation are great for our industry. We are able to offer our customers a smooth process that is in line with the first mortgage world, one which people are used to.
“There’s been a lot of work put in to getting our industry MCD-ready, and whilst it’s great that we’ve got our first completion, it’s great for the industry that it’s being embraced so efficiently.”
The early indications are that faster processing times will become the norm under the new regulations together with a fully advised process, resulting in an excellent outcome for consumers.
The loan was completed on 22 February.