THE GOLD AWARD

The 2006 Mortgage Strategy Technology Service Awards have been the most extensive and exciting yet, with 31 lenders involved and the introduction of a new award for innovation in distribution technology and a new award for technology providers.

This now makes the Awards and the Benchmark Study that supports it the largest and most comprehensive review of UK lender intermediary technology in the market. The awards process started in July this year when an intermediary technology forum, involving a cross section of prominent intermediaries, verified the Awards methodology and Study questions. This provided valuable feedback on intermediary, broker and packager needs and gave the lender participants useful information for the development of future technology.

THE CATEGORIES USED TO ASSESS DETAILED FUNCTIONALITY IN
RESPECT OF LENDERS’ INTERMEDIARY DISTRIBUTION
TECHNOLOGY WERE:

• Log-on and overall site design
• Website analytical content
• Loan application, submission and processing
• Information technology platform

The Study then defined ‘basic threshold requirements’, ‘current best practice’ and ‘emerging best practice’ in each of the above categories. Points were awarded for functionality considered by the intermediary Forum as Best Practice and the ‘Gold’ award has been awarded to those lenders that achieved the highest number of points.

The predominant lender strategy in respect of loan application submission processing this year was to provide an online, real-time decision tool (DIP), subject only to confirmation of valuation and the data entered. However, this in its self was not enough for lenders to be sure of an award. This year the competition was stiff and only 18 lenders from the original 31 attained the coveted ‘Gold’ award.

Winners had to show that they had achieved at lest Best Practice in online technology in each of the above categories. This year we are also recognising the achievements of the technology companies that have provided the leading edge technology to our award winners. These companies have supplied the technology platforms and software to enable the winning lenders to provide Best Practice functionality to their mortgage distribution partners.

All the lenders and technology companies that have achieved this years Gold award should be congratulated for providing intermediaries with the highest standard of online technology and service in the market.

INNOVATION AWARDS

Many lenders are capable of providing a ‘me too’ approach to
their e-commerce strategy but it takes a great team to produce real innovation that changes the way the industry conducts business. True innovation in the mortgage industry happen very rarely and when it does, it should be acknowledged.

This year has seen a major step change in the way that lenders deliver online decisions to their distribution. GMAC-RFC and edeus have introduced the instant online mortgage offer by linking their already leading edge decision technology to an automated valuation model and providing instant binding offers to their distribution without the need for a physical valuation. This will change the way the industry works forever and brings in a new era of e-commerce functionality.

FRANK EVE, MANAGING DIRECTOR, FRANK EVE CONSULTING