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Brokers don't trust sourcing systems
9 October, 2008
Brokers have to double check sourcing system information for rate and criteria accuracy because they couldn’t trust the results, according to research by Evaluate.
Evaluate Technologies has undertaken an extensive review and feedback initiative which reported that brokers are currently using sourcing engines solely as a means to generate a shortlist. The majority reported that they still had to double check every single case for rate and criteria accuracy because they couldn’t trust the results of the systems.
The feedback also reported that brokers were being forced to re-broke cases unnecessarily because of information shortfalls at the mortgage sourcing stage.
Evaluate’s Julie Gaskin believes that brokers deserve better: “It beggars belief, that in 2008, brokers have to spend so much of their time working around the inadequacies of their current sourcing systems; time they could be spending generating new business and maximising the opportunities presented by their existing client bank.
“Brokers frequently have to replace cases because the client has been unable to produce the necessary documents before the product has been withdrawn. This would happen much less if brokers and clients were aware of all the specific documents required in order to proceed to offer and if they were warned of any planned product withdrawals when the mortgage was sourced.”