A survey compiled 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% of respondents reported that the on-line services did not enable them to write greater volumes of business.
Over 50% of brokers and IFAs said that features like case-tracking – a service that helps intermediaries monitor the progress of a mortgage application online – 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Respondents said issues such as “poor technical support”, “out-of-date information” and “accessibility problems” are the main reasons they are resisting calls to join the online revolution.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 – the broker and the IFA.
“I'm 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's 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.
Narwal adds: “The launch of the case tracking service has gone down really well with brokers. More and more new introducers are joining us every week because we are offering e a facility that really meets their business needs.”