PRA and FCA are consulting on new reporting requirements for mortgage lenders and home finance administrators. Both regulators think there are areas in which they need data from firms additional to that which is currently being reported. The changes will affect the MLAR and PSD returns. Key proposals include that:
- mortgage administrators should submit PSD performance reports on mortgages owned by entities that are not authorised home finance lenders;
- mortgage lenders will submit various additional PSD sales reports, including on internal product transfers, reports on second charge mortgages and sales reports containing information on any other outstanding debt on the property and information on offered contractual reversion rates;
- second charge administrators will submit an additional form in MLAR on the number and value of loans they administer; and
- there is more clarity for home finance administrators on submission of data in MLAR on mortgages sold on.
Comments are due by 22 March 2019.