According to research by The Mortgage Business (TMB), there has been a 24 per cent rise in the number of applications submitted via online packagers – proof, it claimed, that the online development of the industry is thriving.
Of the respondents, three out of 10 now package more than half of their applications online, while 3.6 per cent package all their cases online. However, 12.5 per cent said that they choose not to package any cases online, with one respondent claiming that systems slow down the procedure.
The research also showed that the majority of respondents expect to be packaging at least some of their cases online in three months time, but only one in 20 expect to be packaging all of their cases online.
Nigel Payne, managing director at TMB, said: “These figures illustrate what an important cog technology is in the mortgage market wheel. However, it should not be at the expense of human contact.”
Sean McDonnell, Platform’s head of e-commerce, said: “This demonstrates the growing appetite within the packaging community for robust online facilities.”
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