Mortgages still too manual
Research by EDM Mortgage Support Services found more than half (57%) of mortgage professionals believe that data analytics and data management have become significant to mortgage lenders in the race for a competitive advantage.
Despite this clear need for better and more sophisticated data, two-thirds said the process was too manual while the remaining third said that they ‘absolutely’ believe this to be the case.
The top three challenges facing mortgage lenders in implementing new technology systems were cited as costs (71% of respondents); internal IT resources (60%); and IT security (42%).
Joe Pepper, managing director of EDM Mortgage Support Services, said: “Data is rightfully seen as central in the fight for competitive advantage. However, there are clear challenges in how mortgage lenders and other firms go about collecting and using this data and the quality of the technology systems they employ.
“Our survey shows that costs and internal IT resources remain two of the biggest barriers to the adoption of new technology in the eyes of mortgage professionals but by providing proven solutions using a hosted SaaS model, EDM MSS reduces the burden on in-house IT departments at a cost-effective price point.”