Regulation top challenge for lenders
Based on research from EDM Mortgage Support Services 70% of mortgage brokers mentioned ‘increasing regulatory and compliance demands’ as a major challenge for lenders, while over half (55%) said ‘poor use of technology/reliance on outdated technology;.
Other common responses were ‘maintaining relationships with brokers’ (50%), ‘streamlining the mortgage application and approval process’ (46%) and ‘lack of transparency across the mortgage application and approval process’ (38%).
Joe Pepper, managing director, EDM Mortgage Support Services, said: “Mortgage lenders and firms across the mortgage industry are facing a raft of challenges, not just from increasingly strident regulators but also new competitors, outdated technology systems, increasing levels of fraud and the need for process transparency.
“It is more crucial than ever that lenders and other stakeholders implement the right technological solutions that can effectively and efficiently help them manage all these challenges at the same time.”