More than half ranked lenders’ systems between average and very poor for ease of use, as just 44% of lenders provide a ‘dashboard’ facility on cases and a quarter (25%) don’t have case tracking.
Lenders’ systems aren’t easy to use say half (53%) of mortgage brokers, IRESS’ intermediary mortgage survey 2016 has found.
More than half ranked lenders’ systems between 'average' and 'very poor' for ease of use.
Just 44% of lenders provide a ‘dashboard’ facility on cases and a quarter (25%) don’t have case tracking.
Henry Woodcock, principal mortgage consultant at IRESS, said: “I expected it to be higher than 53%.
“A lot of the bigger lenders are ranked ‘good’ because of the money spent on technology while the mix between mutuals and banks is fairly even.
“Specialist lenders did really well because they know they rely on brokers to go to market.
“A lot of the bigger boys and girls can’t sit on their laurels however. They got in early by developing broker portals but time has passed. They need to reinvest to keep ahead of the game.”
Because of the Mortgage Credit Directive Woodcock reckoned a number of lenders have been forced to spend money on compliance in the past year rather than improving the service for brokers.
He added: “The middle ranks of lenders haven’t got as much money to spare because of MCD, but next year they should.”
The survey also found that no lenders think the MCD will have a positive effect on the mortgage market.
Three in four (75%) of the 16 lenders surveyed thought it would have a neutral effect and the rest were negative.
It was a similar story for intermediaries, 54% of which said it would have little effect on the UK mortgage market, 7% expected a positive impact and a third (34%) predicted a negative impact.
