Lenders and brokers count cost of mortgage regulation

Marlborough Stirling, the provider of software and IT solutions to intermediaries, says lenders have spent around £345m preparing for mortgage regulation. Based on a survey of delegates at the Council of Mortgage Lenders’ annual conference, the results suggest an average spend of £2.3m. Some 30% of respondents say they have spent more than £4m, with many suggesting this merely marks the beginning of increased spend on maintaining compliance with the new rules. All respondents state they believe further regulation of the mortgage sector will enforce improvements to lenders’ systems....