Tech upgrades have not completely eased brokers’ workloads yet
Almost half of mortgage brokers in the UK regularly encounter technical issues with lenders’ platforms, despite recent investments by lenders in digital tools, new research from mortgage and savings software provider finova has shown.
The findings, part of finova’s Homeownership in the Digital Age report, show that while lenders are upgrading technology, these changes have not yet eased brokers’ workloads.
Instead, administrative demands are on the rise, with 58% of brokers spending five to 10 hours per week on paperwork and another 41% dedicating 11 to 20 hours. This increased time on admin tasks limits brokers’ ability to focus on advising clients and puts pressure on profit margins.
According to the report, the most time-consuming aspects of mortgage processing for brokers include managing communications with lenders on rate and criteria changes (48%), digitising physical documents (47%), and ensuring those documents meet quality standards (47%).
While 90% of brokers acknowledge that lender technology has brought some relief, many believe further improvements are needed to reduce inefficiencies. Nearly two-fifths (38%) are calling for better user interfaces and more intuitive platforms. In addition, 37% of brokers seek stronger security, faster platform performance, and better system integration. Access to responsive customer support and training was also highlighted as a key need by 37% of respondents.
Commenting on the findings, Chris Little (pictured), chief revenue officer at finova, noted that while mortgage product availability has improved, brokers continue to face pressures from high interest rates. He emphasised the importance of lender-broker collaboration to streamline processes and reduce administrative burdens.
“By targeting tech investments in the right areas – like streamlining communication and improving system integration – lenders can free brokers’ time to focus on what truly matters: helping their clients secure the best possible mortgage,” Little said.
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