Lenders out of touch with tech
Three quarters (74%) of mortgage professionals accused lenders of missing out, while a quarter (25%) of that contingent said they ‘absolutely’ believe that lenders are failing based on their systems.
Just 4% rated the technology systems used between brokers and lenders as ‘excellent’, with most seeing them as good (47%) or ‘average’ (29%).
Joe Pepper, managing director, EDM Mortgage Support Services, said: “It is clear that while professionals in the mortgage industry understand the need for best-practice technology and information exchange there remain significant concerns about the quality of the technology and platforms still in use.
“The negative impact of poor technology can be significant in terms of sales and relationships and it is therefore vital that all stakeholders in the mortgage chain focus on the right technology to remain fully competitive.”
The majority (84%) of mortgage professionals thought that technology will significantly drive improvements in mortgage processing over the next two years, while nearly half (45%) predicted it being ‘very’ significant.