Lenders risk becoming industry dinosaurs unless they invest in technology, warns edeus.Alan Cleary, managing director of edeus, says that for the next generation of borrowers, using online technology will be the norm and young consumers will increasingly demand online instant decisions and offers on mortgages. He says: “These days, people want to book their holidays without going to a travel agent and get a girlfriend or boyfriend without meeting them. My kids can’t believe brokers fill in applications by hand.” He add that edeus spent £10m on bringing its systems to market. While it’s natural for people to fear change and be anti-technology, he warns brokers to be wary of lenders that are against technology as a result of a lack of cash rather than on principle. He says: “We operate in a sleepy village and most lenders are slow to innovate.” Out of 100 or so lenders in the market he points out that just 20 have invested in comprehensive online systems. He says: “If I was a broker I’d be asking which lenders have bothered to spend money. Speed will become more important than price. That’s what consumers want.”
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Mortgages PLC, the UK residential lender and wholly owned subsidiary of Merrill Lynch, has completed a securitisation deal for a total of £650m of mortgages.The bonds, which are predominantly AAA rated, have been issued via Merrill Lynch to a number of investors including leading banks and insurance companies. The issue was the first by Mortgages […]
Mark Blackwell has quit The Derbyshire after two and a half years as marketing director.Blackwell has ensured the successful launch of the society’s retail brand repositioning as well as being instrumental in the launch of ‘Salt’ the society’s specialist lending brand in 2005.Having also built a successful team around him, The Derbyshire punched well above […]
GMAC-RFC is liaising with the Council of Mortgage Lenders to revise the methods it uses to calculate its league table of the UKs largest mortgage lenders. The lender says the CML largest mortgage Lenders league table, used by the industry to benchmark gross lending figures, does not compare lending over the same period of time […]
Philip Davies, chief executive of Linden Homes, says: “Today’s interest rate rise was widely expected and the majority of homeowners had already priced it in, so I do not expect it to have a significant impact on the housing market. “A further rise in December or January, however, would have a detrimental effect on consumer […]
Those of you who have read any of the political manifestos over the previous weeks may have noticed one glaring omission from all the publications: the subject of welfare reform and the role that income protection could (and probably should) play in this process.
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