p/>To find out what lenders have done to improve their online offerings over the past 12 months, and what they have planned for next year, I quizzed some of the main intermediary brands.Q: What trends have you seen over the past 12 months and how much business is being done online? A: Mortgage Express – 80% of applications are now received online, up from 60% in 2004. GMAC-RFC – Decisions given online have quadrupled, with about 95% of our decisions now given that way. Kensington Mortgage Company – Over 50% of applications now arrive online. BM Solutions – 100% online. The Mortgage Business – Online use has gone from less than 10% to over 30%. Our number of registered users has increased 10-fold. Q: What challenges have you faced online? A: MEX – One big challenge we faced was the provision of full mortgage offers online in a downloadable and printable format. GMAC-RFC – Shortly after Mortgage Day we identified a demand for pre-sale KFIs without a binding decision and reacted quickly. By February we could offer the functionality of obtaining a KFI with or without a binding decision. KMC – Helping brokers use the technology. Some have had problems with Windows or networks software. BM Solutions – Ensuring the proposition continues to develop to match the needs of customers. Also ensuring all online systems are backed up with a support service. TMB – Getting brokers up and running with only a small sales force. Q: What online developments do you have planned over next 12 months? A: MEX – We will improve our online case tracking facility. The pace of change in B2B markets is rapid in relation to the online service proposition. GMAC-RFC – We have big plans but we’re not telling yet. KMC – Significant changes will include integration with brokers and packagers to avoid retyping, and end-to-end processing automation. BM Solutions – We recently became the first lender to launch an online application process for additional borrowing. Further enhancements are planned
- Top trends
em-homeloans, the branded lending division of em-, is offering a buy-to-let product in conjunction with rooftop mortgages.The Rx product range features an LTV of 85%, with no proof of rental required and a 5.5% fixed rate with no overhang on mortgages and remortgages.Simon Mouncher, operations director at em-, says: “This buy-to-let product is just one […]
Imagine for a moment you are out shopping and are faced with two shops selling the same goods you want to buy. But one shop has its windows plastered with red and white ‘sale’ banners. You will be attracted to the sale shop as we all like a bargain.
GE Money Home Lending has made two senior appointments to its marketing team. Mark Tiley will be taking on the role of marketing manager and Jo McMenemy will become the new product initiatives manager.Tiley brings over 12 years of experience within the financial services industry to his role. He joins GE Money from Lambeth where […]
Commercial First has become the first commercial lender to agree a formal strategic relationship with The Business Mortgage Company. Under the terms of the working arrangement both parties have agreed to establish service level agreements and to work closely on joint marketing and distribution strategies. Commercial First will be committing underwriting resources, while TBMC has […]
Corporate health cash plan provider Health Shield intends to raise awareness of its voluntary corporate product offerings in 2013 by encouraging a growing number of companies to tap into the cost-neutral scheme.
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