According to research conducted by Syndicated Research Studies Ltd on behalf of The Mortgage Business (TMB), 19 per cent package more than half of their business online, with 7 per cent conducting more than three-quarters of their business in this way.
Only 1.6 per cent of respondents to the survey said they didn’t package any cases online in the Q4 2006.
Nigel Payne, managing director of TMB, said: “Successful technology is essential in any operation as time is so precious in today’s market. The future will see greater advances and we intend to be at the forefront of these. But this should not be at the expense of common sense and good old-fashioned brainpower.”
The research also claimed this growth in technology would continue over the next few months, with the number of packagers processing 26-50 per cent of their business online growing from 24 per cent to 33 per cent.
Alan Hill, managing director of First Mortgage Options, commented: “The technology side between packagers and lenders is moving at a pace but it is slower between packagers and brokers. I get the feeling we will be quite advanced with lenders by the Q1 2008 but it will take longer with the broker and I don’t know what the impetus will be to drive that.”
