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Mortgages Directive EZV
Since the MCD covers both first and second rate Mortgages, the second rate regulations have shifted from our home loan system to our home loan program. So in order to operate the second cost mortgaging operation, creditors, administrators as well as agents need to be authorized and have the right privileges. It is also our responsibility to record and monitor companies engaged in CBTL activities as legally regulated by the Federal Administration (see Corporate Finance Act, 2015).
Applying the second fee scheme to our mortgages scheme and introducing the legal regulatory environment for our business in terms of content have led to new demands on our information disclosure. From 21 March 2016, creditors and managers must provide aggregate information on their regulated business, comprising second fees forregulated mortgage agreements.
As from 21 March 2016, second fee brokers must provide aggregate information on their activities under regulation. From 1 April 2016, creditors must provide aggregate information on their credit, outstanding claims and complaint procedures under their CBTLs. Through Gabriel, our registration system, information can be transmitted in a variety of ways. Companies can file MLAR, RMARs and CBTLs by entering information into the dedicated on-line form that will be available in Gabriel.
Alternatively, if your company chooses to file via web submission or via live communication (e.g. via XML files), the MLAR, RMAR and CBTL return specifications are available on our website. Gibriel file referral instructions. APRC is the overall costs of the loan to the user, measured as an annually calculated proportion of the overall amount of the loan.
If you are a mortgagor, this can be useful as it allows you to check your computation methodology. When your UK registered company wishes to carry out mortgages in an EEA State, you can request a "passport" under the Mortgages Directive.