Lender services still have ‘significant gaps’

Lender services still have 'significant gaps'




There are still significant gaps in services provided by lenders, according to financial services technology supplier IRESS.

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p>Its second annual Intermediary Mortgage Survey discovered that less than half (44%) of lenders provide a view of tracking events for open cases and 25% provide no case tracking at all.


The survey, which represents approximately 80% of the intermediary mortgage market, found inconsistencies in the level of services being provided across the industry, where half of intermediaries (53%) rank lenders’ systems as ‘average’ to ‘very poor’ for ease of use.

The report did, however, find a number of improvements to services when compared with 2015.

The most important, as ranked by intermediaries, was the ability to scan and attach proof documents, which is now offered by 75% of lenders, compared with just 43% last year.

Half of lenders now also support product and rate switch transactions for intermediaries, following the Mortgage Market Review. 

Henry Woodcock, Principal Mortgage Consultant at IRESS, stated that intermediaries continued to be the major players in the mortgage market last year and market share was estimated to grow to 70% in this year. 

“Competition for intermediary business is not limited to the best percentage point deal; it is also influenced by how easy it is for an intermediary to do business with a lender and what facilities they provide to enable intermediaries to offer a superior service to their clients,” Henry commented.

“Online quotations and applications are not enough. Lenders need to up their game and provide systems that are truly intuitive, easier to navigate, with intelligent questioning – ask once and answer once, providing real-time case updates for both the intermediary and applicants.

“Intermediaries recognise the benefits that smart lending systems can provide and now the Mortgage Credit Directive is in place, they expect lenders to invest in innovative technology and reduce application processing times over the next 12 months.”
 

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