Mortgage: initial due diligence
At PMS, we have a comprehensive due diligence process in place, for all our lender partners.
Whenever we add a new lender to our offering, we conduct an overarching assessment to ensure the lender meets Consumer Duty requirements. As part of this, we look at our prospective partners’ fair value assessments, product offerings and stated target markets.
We exclusively work with mortgage lenders who meet or exceed our strict criteria in each of these areas.
We review our mortgage offering on an annual basis, to ensure that it remains suitable and continues to meet regulatory requirements.
This continuous monitoring and oversight is there to ensure that our offering remains appropriate for your needs, and that it continues to offer fair value to your customers.
We also hold regular meetings with our lender partners to assess their products and performance, and to make sure we have all the appropriate information on the products offered through PMS. If you write mortgages through PMS, you’ll have access to this information via the links below.
Where product or fair value issues are identified, these are escalated internally, and formal remedial actions will be instigated. The progress will be monitored until these are appropriately completed. If we believe that a particular product or lender no longer offers fair value to customers, the product or lender will be considered for removal.
So when you recommend a mortgage through PMS, you can be confident that it will be consistent with the needs of the specified target market.