The Virgin One account has today launched the first 'Mortgage Outlook Index' (MOI), a quarterly index that will monitor the mood of mortgage intermediaries up and down thecountry.
The research was carried out by NOP in August and covers the period April to July 2002.
The first index has shown mortgage intermediaries to be robust in nature and overall have a positive outlook on their future prospects. And despite the cloud of regulation hanging over them, it would appear that they can see the silver lining.
The MOI found that 60% of mortgage intermediaries believe service from lenders has been good over the past quarter although 14% thought that service from lenders was simply not good enough. 46% believe mortgage regulation will improve the prospects of thebusiness they work for. Only 7% disagreed strongly with this.
40% agree that mortgage sales leads are higher than this time last year. 83% either agreed or agreed strongly that they were positive about future sales opportunities over the next year – only 1% disagreed.
The level of mortgage business written has increased for 68% of mortgage brokers, while 36% say that mortgage business has increased significantly. 47% think that mortgage business will increase in 2003.
Scott Mowbray, marketing manager at Virgin One, says: “The first Mortgage Outlook Index paints a positive picture of how resourceful mortgage intermediaries are in what is a very competitive environment. They appear to have a upbeat outlook on future mortgage sales and are taking mortgage regulation in their stride. It will be interesting to see if and how their mood changes over the coming months until the implementation of mortgage regulation.”
He adds: “Although mortgage intermediaries appear to be happy with the overall level of service from lenders there would appear to be an opportunity to close the gap and improve standards of service. We will be watching this area with particular interest”.
The next Mortgage Outlook Index from Virgin One will be available in December 2002.