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
With regulation now firmly embedded in the mortgage industry, lenders can focus on getting their online systems in shape.