The company has highlighted what it sees as a clear appetite between lenders and distributors to create a powerful straight through processing (STP) model or an ‘integrated mortgage business’.
The provider added that the market is moving towards the integration of the mortgage value chain, with the ‘holy grail’ being a multi-lender Point of Sale solution (POS).
Other key innovations in the mortgage market will include better back office and POS integration, an increased role of B2C ecommerce and self service and an increasingly automated 'advised' sales process.
The growth of networks' market share will be underpinned by an increased emphasis on differentiation of service and technology innovations, while the role of the packager and their market share would be put under pressure.
The majority of those surveyed by Focus would want to see a return on their investment within 12 months to two years when implementing a new technology solution, but the key challenges were justifying the investment, having the right technology in place to support the whole organisation, training of advisers on new solutions and ensuring adviser take-up.
64 per cent of those questioned are already offering an electronic mortgage application facility either on a B2B extranet facility or across mortgage sourcing platforms, with the key benefits being a faster sales process, reduction in errors, ability to launch new products faster and cost reduction.
According to the results from an exit poll at Focus’ mortgage industry briefing, 80 per cent believe that point of sale completions (POSC) will become a reality in the mortgage market in the next two/three years, with a higher probability for re-mortgage cases.
Clive Boulton, business development manager at Focus Solutions commented: “Straight through processing and fully integrated solutions are a hot topic in the mortgage market, enabling organisations to conduct business more efficiently, easily and quickly whilst ensuring compliance and driving pro-active management of the customer relationship.
"We at Focus, with our Mortgage market propositions, are striving to work with all participants in the mortgage value chain to deliver an end-to-end component-based ‘whole of office’ solution that makes STP an increasing reality.”
