A lack of collaboration on technological advancements in the mortgage industry is damaging the sector by slowing down progress, Dale Jannels, managing director of Impact Specialist Finance, has claimed.
Jannels (pictured), who is also chief executive of One Mortgage System (OMS), said the only way to speed up processes is through increased collaboration.
He said: “We were pulling our hair out trying to get them to agree on one application form.
“Today on the IT side we’re seeing the same thing – are all lenders going to use the same ID verification, valuation and open banking models?
“Systems will empower lenders to deal with brokers and customers easier and quicker.
“Will one ID verification system be approved by other lenders in the mortgage market? There are a lot of questions still unanswered.
“As distributors we want networks, customers and brokers to input information.
“Can everybody just talk to each other? There are so many systems out there doing the same thing.
“Let’s talk to each other, have a chat and see if we can all integrate and make it an easier and seamless distribution integration.”
Jannels said that brokers and customers want to save time and the quickest way to do so is with the minimal keying of information and brokers only having to login into a system once.
But currently, brokers are reportedly logging into up to 10 different systems.
Jannels added: “Why aren’t we all talking to get to one common ground to making this journey as quick as possible?
“We don’t want to be having the same conversations again in 10 or 15 years’ time.”
Jannels recognised there are other firms, such as Mortgage Apply, doing their part and others who are talking about advancements.
He added: “Right now I think it’s time for all our tech partners to step up and have a chat with each other.
“Rather than 15 or 20 people doing the same thing today they need to look at working together for the next 12 or 24 months to make these things happen.”
Nicola Firth, founder and chief executive of Knowledge Bank, agreed with the need for increased collaboration.
She said: “The mortgage market has been heavily criticised for being slow to adopt technology but there are underlying reasons and factors which have contributed to this over the last 10 years and there is an element of acceptance needed to acknowledge that that was then, and this is now.
“It’s both encouraging and exciting to see what is going on in the mortgage market with technology and joining the dots together.
“Collaboration is key to the success of these projects.
“No one company or system has the solution in its entirety and I predicted some time ago that bringing together an end-to-end solution for intermediaries would be a case of the project owners bringing together the ‘best of breed’ to fill in all of the pieces of the jigsaw and this is now what we are seeing.
“For this reason, we took the stance that we would focus solely on criteria to achieve what we have in being the largest database of mortgage lending criteria in the UK.”
Firth said that alongside this, Knowledge Bank has prioritised APIs, provides other external sourcing systems with its criteria, keeps lenders’ websites up to date and provides lenders with its own internal criteria systems.
She added: “This kind of collaboration works harmoniously by facilitating a consistency of message and the time and cost savings brought about by needing only to keep one single source up to date.
“The ultimate outcomes are better efficiencies for lenders and for brokers and of course a better experience for the customer.”