It's taken a while, but the mortgage industry has finally moved out of the inertia that was the result of the imposition of regulation. Now it is back to what it does best - designing and marketing the most innovative mortgage products in the world. But, if we are truthful, it has all been a bit of a struggle.
There was a very real fear a couple of years ago that with regulation, innovation would be stifled and firms would be left selling very similar products that conformed to the regulator’s demands. This happened to some extent as lenders switched from concentrating on products to worrying if their back office systems could cope with the regulator’s demands for record keeping, Key Facts Illustrations and instructions regarding treating customers fairly. It was those lenders that had the task of dealing with legacy systems which faced the greatest challenge and it would be fair to say that so...
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