Steve Teague, managing director of secured loans specialist Click, says mechanisms similar to the automated valuation models now used by some lenders for mortgages will become integral to the sector’s assessments before the end of the decade.
He says: “We have already dev-eloped an advanced inhouse technology solution that enables us to contact clients quickly with a comparison of products from an extensive panel of providers.
“In three or four years the secured loans industry will be using a lot of technology. This will be good for brokers as the quicker we convert clients to secured loan accounts, the faster they can look forward to commission.”
Click is offering up to 7% commission to mortgage brokers for converted loan referrals.
While commission starts at 4%, intermediaries can earn as much as 7% depending on the volumes of business transacted.
Teague says: “We are finding that an increasing number of mortgage brokers are turning away good business because they can’t accommodate home owners’ requests.
“Secured loans have had a bad reputation for the past 10 years. They were seen as dodgy, but it’s not like that anymore.
He adds: “We want to get brokers on board to show them they can be the best option for some clients.”