According to research by Syndicated Research Studies Ltd on behalf of The Mortgage Business (TMB), the level is an increase from 24 per cent in the first quarter of 2007. The results showed that 17 per cent of respondents packaged more than half of their applications online, with 2.4 per cent claiming that that they packaged all of their cases online.
Only 2.4 per cent said they did not do any packaging online, mainly because they preferred paper based applications. The majority of respondents expected to be packaging at least some of their cases online in three months’ time. The average proportion of mortgages which respondents would be packaging online in three months’ time was 46 per cent, compared with the current figure of 35 per cent.
Nigel Payne, managing director at TMB, said: “These figures illustrate how valuable online applications are becoming to packagers. It is interesting to note that there are still those who prefer paper-based applications and lenders should be mindful of this when developing future strategies.”
Rob Field, head of sales and marketing at Unity Homeloans, said: “We don’t operate online as we still see customers who believe that credit scoring is not what they want. There are tools that can help online applications without credit scoring, which will iron out the grey areas.”
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