60 seconds with...Frank Eve

1 February 2010 | By Christine Toner

What are you working on at the moment?
We’ve just finished our technology benchmarking exercise. We took 15 lenders and looked at their internet offerings for brokers. We also researched usability, with 300 intermediaries filling in an online questionnaire about how easy to use lenders’ websites are. This was done in association with Mortgage Brain.

I am also chairman of the TCF Lender Forum that is supported by the Council of Mortgage Lenders. All the major lenders are involved. One thing we provide is a website for small intermediaries which they can access free of charge. This provides all the information they need on Treating Customers Fairly and gets about 10,000 hits a month.

Do you think there’s still a place for brokers now comparison websites are widely used?
There will always be a need for good mortgage advice, particularly for first-time buyers and the self-employed. In fact, good advice is needed more than ever. But over time more consumers will find they can access lenders directly through the internet. To enable that lenders must get their act together as many of their websites could be improved. It will also take a shift in thinking on the part of consumers as they get used to doing things themselves. But I don’t think any to this will challenge good brokers.

Are brokers embracing technology sufficiently?
No. I am also director of a company called Screen Business which provides IFAs and brokers with the tools they need to interact with their clients and cut costs.

How important will technology be in the new mortgage market?
It is going to be vital for both lenders and intermediaries. From a lender perspective it is important not only with the sales process, verifying affordability and integrating systems with intermediaries, but also at the back end, making the collection side more efficient.
And brokers need to cut costs so they must interact with clients in a more efficient way. The internet is now the most important tool in attracting business.

What are you predictions for 2010?
Things will remain difficult. The government might have saved the banks but the huge debt it has run up will have to be repaid. The only way to do this is by putting the squeeze on public services which means more unemployment in that sector.
By the end of this year we should see more lenders in the market which should ease things a little.

Interview by christine toner