Eight in 10 brokers believe being able to send information to lenders using their smartphones would improve the mortgage process.
In a survey of 251 brokers and IFAs by mortgage best practice site TCFinfo.co.uk, Mortgage Brain and software firm iState Systems, 80 per cent of brokers want the ability to photograph documents such as P60s, bank statements or wage slips and send them to a lender using their smartphone.
While the technology is available, 51 per cent of advisers said it was not available with any of the lenders they use regularly while 39 per cent said fewer than a quarter of the lenders they used would let them submit documents using their phone.
IState Systems managing director Chris Little says: “At the same time that many lenders are struggling with service standards and high volumes it makes perfect sense to utilise available technology to reduce the pressure on staff and improve the experience for both brokers and customers.”
He adds: “This survey has identified that many brokers already see the use of smartphones as the way forward for the mortgage industry. The use of smartphones is now ubiquitous and how quickly lenders adopt this technology is likely to play a part in shaping the future of the mortgage market.”
Paragon Mortgages director of underwriting Paul Clampin says: “In the last quarter 85 per cent of all applications to Paragon have been submitted to us online, which shows the way intermediaries are doing business is changing.
“Submitting applications via the Mortgage Trust and Paragon Mortgages websites is quick and easy, and I expect we will see more business coming through in this way.”