The survey of over 1,000 brokers showed a major shift in the market concerning the use of online systems. The figures revealed that 84 per cent of brokers now use five or more different online systems. This compares to just 26 per cent using five or more in 2003 and 45 per cent in 2004 – the figure nearly doubling each year.
GMAC said the figures clearly indicated how the use of online
systems has ballooned over the past year and that technology has made
a bigger impact on the market than regulation.
In terms of reducing application-to-offer turnaround times, brokers named the top five online systems as Halifax, GMAC-RFC, BM Solutions, Abbey and Cheltenham & Gloucester.
The best online systems were named as GMAC-RFC, coming out on top, followed by Halifax, BM Solutions, Abbey and Alliance & Leicester.
Jeff Knight, head of marketing services at GMAC-RFC, said: “This clearly shows two things. First that the use of technology has exploded over the last 12 months. Secondly there is a clear correlation between the use of technology and the speed to offer. To be second only to Halifax in terms
of turnaround times is fantastic for GMAC-RFC, bearing in mind Halifax has been around 100 years longer than us.”
Mike Fitzgerald, sales director at Brentchase Financial Services, commented: “I’ve seen the rise in online systems from just being a dream where lenders said it would drastically change things to now having a huge impact on the market. I can see a time, as early as next year, when just a few advisers are left that aren’t embracing technology. Brokers can’t do business effectively without these online systems.”
A spokesperson at Halifax said: “Mortgage intermediaries are key to how we do business. Our whole proposition is tailored specifically to make life easier for them and we are delighted that the work we have put into making our online systems as user-friendly as possible has been recognised by the industry.”
