Broker tech not up to scratch
Only 36% of mortgage professionals say the quality of technology used in the industry is good or very good and 7% say it is poor.
Joe Pepper, managing director, EDM MSS, said: “Our research shows mortgage professionals have little confidence in the technology used in their industry.
“Lenders will have to drive improvements and the main development they would like to see is more sharing of information to speed up the process, such as mortgage brokers and other intermediaries getting key documentation into lenders’ contact centres in real-time and streamlining the communication process between parties.”
The research also revealed mortgage professionals see technology as key to their industry’s future. Some 83% said it would be a significant factor in driving improvements in mortgage processing, including 52% who believed it would be very significant.
The vast majority (82%) said these improvements will be driven by lenders. The most commonly cited motivations for the adoption of better technology included cost cutting (64%) and lenders seeking competitive advantage by providing a better customer experience (64%).