Why should mortgage lenders focus on building regulatory resilience in 2021?

Recordsure investigates Mortgage Market trends in the UK and Australia
Houses and Mortgage Trends

Recordsure launched an Executive Market Review of the Mortgage Industry’s Regulatory Resilience. Our whitepaper study features industry expert data and commentary from mortgage advisers, bringing expertise from the field.

The whitepaper investigates the key challenges that are arising in the market. The study provides comprehensive market information and offers a greater understanding of the changes that are occurring within the sector and how they will impact the mortgage lenders and advisors in 2021 and after that. 

The research paper is designed to assist readers with resilience in regulatory compliance planning and offer suggestions on implementing stringent compliance control.

The study was developed by our specialist team, who have inside knowledge working within the mortgage sector. Steven Hewlett-Light, the Head of Product Delivery, has 15 years of experience in financial services and Jonathan Drechsler, Head of Business Development, with 10 years of experience, specialising in the mortgage sector.

Remediation

The whitepapers provide in-depth research around remediation and how emerging market trends could lead to a future remediation project, if not handled correctly. The impact of remediation goes beyond hefty fines and remediation project costs; the firm’s reputation is put at risk. It’s critical to consider customer care carefully and focus on fair customer treatment to build customer loyalty.

With mortgage markets being country unique, we have developed two whitepaper versions, researching the UK and Australia markets. Both country-specific reports delve into the country’s mortgage market impacts and challenges.

The UK mortgage sector is currently dealing with unprecedented challenges, and this report aims to unearth future implications.

For example, the housing market boom fueled by the Stamp Duty Holiday post-Lockdown 1.0 resulted in a high mortgage application level in a short time. This placed serious pressure on mortgage lenders and advisors with 66,300 mortgage applications approved in July 2020, seven times higher than in May. Savills estate agents recorded a 51% increase in people enquiring about the new build.

The mortgage boom, remote working and supervision challenges also led to increased pressure on mortgage advisers.

In contrast, the Australian market faces a serious decline triggered by a slowdown in the housing market in 2020, magnified further by the pandemic. 900,000 Australians have frozen $274 billion of mortgage debt, amounting to one in nine mortgages. The whitepaper investigates the impact of mortgage deferrals on the mortgage industry and pressures placed on the debt collection operations.

Vulnerable customers and compassion

Both papers investigate the importance of compassion, especially during a crisis, and the need to recognise vulnerable customers to ensure fair treatment at all times.

Download free Mortgage Market Reports

Recordsure whitepaper offers guidance on how to overcome the new market challenges and adapt to the changing environment. For full insider knowledge of the mortgage sector, download free whitepapers using the links below.

UK Mortgage Market Whitepaper  

Australian Mortgage Market Whitepaper  

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