Only 4% were still unsure what they would be doing in relation to the introduction of mortgage regulation (compared with 16.4% in December 2003 and 10.5% in March 2004) with 6% believing they are unaffected.
Main Findings:
* Almost half of all respondents (49%) said that in response to mortgage regulation, they planned to be directly authorised by the FSA, whilst nearly four out of ten (38%) said they planned to be appointed representatives.
* Just over nine out of ten (91%) now submit at least some of their business online. More than six out of respondents (61%) who submit online have now been doing so for more than a year (compared with 39.3% in December 2003).
* The average length of time for which those respondents who currently submit mortgage business online have been doing so is 13.5 months, up from 11.8 months in March 2004 and 7.8 months in March 2003.
Alan Cleary, head of sales, BM Solutions said: "It is reassuring to see that so many intermediaries have made plans for regulation and that they have recognised the importance of online services. The market growth of online mortgage business has mirrored the success of BM Solutions Online - both figures now stand at over 90%. Many lenders are still conspicuous by their absence in terms of providing a five star online service.
"For the sake of brokers - both large and small - lenders need to get their skates on."
BM Solutions recently warned that many lenders are anything up to ten 'Internet Years' (two and a half standard years) behind with technology and that come N4, brokers will miss out due to a restricted choice of online compliant mortgages. An 'Internet Year' is defined as three months in standard time due to the rapid rate of innovation in Information Technology (IT).
BM Solutions launched its online service, BM Solutions Online (bmsolutions.co.uk) in January 2003. Now over 90% of BM Solutions' business is submitted online. The time it takes to submit a case has been reduced by the many features on offer - product matching, intelligent application forms and case tracking to name but a few.
* BM Solutions surveyed 200 mortgage intermediaries in June 2004.
