The research, conducted by EDM Mortgage Support Services, found that 74% of mortgage professionals believe that poor or outdated technology is letting the industry down, and of this, 25% said it is “absolutely” the case.
Just 4% of respondents rated the technology systems and the platforms used between mortgage brokers and lenders as “excellent”.
Joe Pepper, Managing Director at EDM Mortgage Support Services, said: “It is clear that while professionals in the mortgage industry understand the need for best-practice technology and information exchange, there remain significant concerns about the quality of the technology and platforms still in use.
“The negative impact of poor technology can be significant in terms of sales and relationships and it is therefore vital that all stakeholders in the mortgage chain focus on the right technology to remain fully competitive.”
Overall, the research found that 84% of mortgage professionals think technology will be a significant factor in driving through improvements in the industry over the next two years.
Leave a comment