Phil Jay, managing director of BDS Mortgage Group, suggested that there was not enough integration between lenders and packagers with online platforms, and that the market was not looked at from the packager’s perspective.
Jay explained: “Technology is on its own and lenders are not sharing the IT systems. A lot of lenders are keen on talking about integration but at the moment they are spending money elsewhere. With the credit crunch in place, lenders are not spending money on IT as this is one of the first things that goes on the chopping block.
“Although there are few lenders who work with us, I get the impression that they are the exception. Others will say that they’re keen to talk but are not really able to do it.”
Kevin Paterson, group marketing director at Enterprise, said: “There is a little bit of rhetoric at the moment as brokers are not going out of their way to place business and lenders are tightening their ranges to discourage applications. Packagers need to change their business models to embrace technology in order to survive the current crunch and move into the future.”
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