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Nationwide ready for regulation

The information will be communicated to intermediaries from October 4 in an information pack entitled &#39Tackling Regulation Together: The Nationwide Guide to M-Day&#39.

From October 31, Nationwide will offer Key Facts Illustration documents available directly from Nationwide&#39s website and from the Mortgage Trading Exchange. Nationwide will also support other sourcing systems so that they can provide their own KFIs.

Online product reservation and valuation instructions are available through MTE, providing the ability for brokers to instantly reserve a mortgage for their clients and commence an application from their office. Reservation and valuation fees can be paid online with a debit or credit card.

As well as updating intermediaries on the services offered by Nationwide, the intermediary pack also explains what steps brokers need to take in order to continue doing business with the Society under the regulations. Nationwide is urging all intermediaries to ensure that their registration details are up to date and that they have submitted their company FSA number and authorisation level.

John Sutherland, Nationwide divisional director, says: “We have invested a significant amount of time and resources in preparing for the regulations. For everyone involved in the industry, especially intermediaries, this is a time of great change, and we have carefully considered

what we can do to make brokers&#39 lives easier.

“Compliance is now the number one priority, which is why we are offering brokers the ability to source a penny perfect KFI either directly from our website or from the Mortgage Trading Exchange. The KFI documents aim to make it easier for consumers to compare mortgages from

different lenders and decide which mortgage is best for them.

“We are confident that we will be able to offer the highest levels of service come October 31. Our approach will be to continue to have a fair and transparent approach to mortgage lending, with no hidden fees or charges.”

Nationwide will offer brokers unique login access to open three doors with one key &#45 Nationwide&#39s intermediary KFI service, UCB&#39s intermediary KFI service and MTE.

Sutherland adds: “The Mortgage Trading Exchange is designed to make life easier for the intermediary as different lenders can be accessed with a single account sign-on without the need to load lots of software.”

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