The research, conducted on behalf of BM Solutions, showed that
93 per cent of brokers now submit, track and progress cases through to completion online.
Martin Reynolds, head of sales at BM Solutions, was unsurprised by the results. He said: “This research confirms what we know from experience – mortgage brokers are increasingly seeking comprehensive technological support.”
The research also revealed that the proportion of cases now processed online had leapt up by 3.5 per cent over the last three months.
It was also suggested that brokers are actively seeking the best online system to put their business through with a rising pressure on lenders to deliver a premium online service.
Steve Brockman, director of A2B Mortgage Company Ltd, agreed that online services now dominate the way that brokers work. He said: “I think the figures showing that many brokers use on-line services are about right and we definitely try to submit as many of our cases through as possible online. For one it takes the element of non-arrival by post out of the equation.”
However Brockman went on to suggest that online systems were fully dependent on the lender keeping up-to-date with developments.
He said: “However good the online system is, the tracking in place is only as good as the information that is posted on the site. If the info isn’t updated every day and is not completely accurate then it doesn’t matter how the applications are put through and processed. A lot of lenders do not update their online services as often as they should.”
