With so many new mortgage products currently unavailable through intermediary channels, lenders have attracted considerable criticism from mortgage brokers. There is concern building that many lenders appear to be trying to cut advisers out of the market, with complaints focussing on a lack of concern for customers, on the part of the lenders in question.
Wayne Smethurst, freshly-appointed managing director of technology company Orbiter Distribution Limited, explained: "We understand why lenders are doing what they're doing. It's not about cutting advisers out, it's about controlling financial risk and managing tranches of lending. A competitive product can sell out in hours if it's made freely available, leading to all kinds of headaches and complaints when the lender tries to withdraw the product."
The Orbiter technology platform now addresses this issue head on, by putting all the information an intermediary needs to know about all mortgage products in the market online. This approach provides real-time data to the adviser regarding product availabiliy and, crucially, to the lender, to allow the control of funds and management of tranches.
Smethurst continued: "As we recognise the joint challenge of tranche management and discriminate distribution, we've built the features to support this into Orbiter. In addition, Orbiter's mortgage product sourcing is genuinely whole-of-market, covering generally-available products, direct-only products and exclusives.
"As Orbiter is web-based, the product database is updated four times a day, meaning that not only do advisers have the freshest product information at their fingertips, but also lenders have up-to-the-minute data on the popularity of their products. More to the point, mortgage customers can now access all mortgage products with a single visit to an adviser, and receive the fair treatment and impartial advice they're entitled to."
Advisers can access the Orbiter system now, free of charge, at www.orbiteronline.co.uk.
