The company claims that there are a number of other areas the
mortgage market needs to focus on in order for HIPs to be a success:
* Automate the key business-to-business 'touchpoints' so that lenders can produce their own valuations quickly and efficiently
* Ensure lender processing systems are compatible with the data already gathered in the HIPs
* Reduce the time it takes to process a mortgage application by 50%
Without achieving these objectives Marlborough Stirling claims that HIPs will not speed up the homebuying process sufficiently to warrant the extra cost they will create for consumers.
Nik Halton, mortgage consultant at Marlborough Stirling, says:
"HIPs should speed up the house buying process and make it easier for consumers. However, it is doubtful as to whether they will go far enough.
There are still too many 'weak points' within the mortgage supply chain that could be automated in order to speed up mortgage applications. Utilising straight through processing technology and workflow solutions to streamline these applications is essential to ensuring consumers see an obvious return on their investment in HIPs."
