Some 52% of directly authorised brokers believe that technology advances will have a high or very high impact on their business over the next 24 months, according to the latest Mortgage Lender Benchmark.
Only 20% anticipate no or low impact, while 28% predict a medium impact. 467 brokers were surveyed as part of the fourth edition of the survey which was released this month.
Brokers who anticipate a high or very high impact commented on significant automation and a greater reliance on automated desktop valuations and e-signatures in particular.
This group of brokers also expect more system integrations and the ability to apply directly to more lenders via sourcing systems which will reduce the need to rekey applications.
Brokers also expect more standardisation around underwriting requirements.
Nate Harwood, co-Founder of Smart Money People said “Brokers had a lot to say about technology in our survey.
“While many believe that technology will make their job quicker and somewhat easier, there’s differing views about what this will mean for their businesses.
“While some brokers believe that technology will help them to grow their business, others recognise that more customers are likely to apply to lenders directly, with many lenders particularly keen to encourage more execution-only business.”
For the first time, this research also asked brokers to rate the technology they use across CRM, affordability, criteria and product sourcing software.
Knowledge Bank, a criteria sourcing tool and Air Sourcing, a product sourcing tool focused on equity release and later life lending, received the highest overall satisfaction ratings from brokers, and both emerge as best in class software solutions.