Lenders and packagers fail to meet intermediaries technological needs

A surveycompiled by sub-prime specialist mortgages & loans etc reveals that an overwhelming majority of mortgage intermediaries remain unimpressed by the latest IT offerings from lenders and packagers and complain that many systems are not “user friendly”.

According to the research, conducted among 350 mortgage brokers and IFAs by mortgages & loans etc during October 2002, over 70 pr cent of respondents reported that the on-line services did not enable them to write greater volumes of business.

Over 50 per cent of brokers and IFAs said that features like case-tracking &#45 a service that helps intermediaries monitor the progress of a mortgage application online &#45 were often too technical and prone to breaking down. Respondents said issues such as “poor technical support”, “out-of-date information” and “accessibility problems” are the main reasons they are resisting calls to join the online revolution.

Ranjit Narwal, broker relationship manager at mortgages & loans etc, says: “The survey results show without doubt that that very few lenders and packagers have thought about the real technological needs of the end-user &#45 the broker and the IFA.

“I&#39m sure that these results will come as quite a shock to a lot of people because it would appear that many companies have been investing heavily in technology without thinking precisely what they want to achieve.

“We have recently unveiled a new state-of the-art system ourselves. Thankfully we have spent a lot of time developing an online system that caters precisely for the needs of intermediaries. It&#39s a shame others have not done the same.”

mortgages & loans etc unveiled its new £150,000 case-tracking facility at the beginning of October 2002. As part of this new online offering, brokers and IFAs are able to access their mortgage applications 24 hours a day, have access to unlimited technical support and submit an unlimited amount of applications electronically.

“The launch of the case tracking service has gone down really well with brokers,” added Ranjit Narwal. “More and more new introducers are joining us every week because we are offering a facility that really meets their business needs.”