Technology has always been important in the mortgage market, but it is only in recent years that its importance has come to the fore.
Despite a small number of brokers insisting that ‘pen and paper’ is still the way to do business, lenders, networks and other financial services organisations have made huge efforts to improve their online focus and presence.
Whether this be through increased financial promotions and a website or improving their back office systems, the use of technology has become much more widespread.
Ten, or even five years ago, having access to e-mail while on the move may have been considered clumsy and unnecessary. But now most brokers and business development managers rely on Blackberrys and similar solutions to ensure they are kept in the loop.
Showing your working
From the front end, broadband, wireless laptops and Blackberrys have all helped the mortgage intermediary do business in the most efficient way possible.
While further towards the back office systems, lenders and networks have made moves to make sure all of their data is backed up and available online to the relevant people.
With the Financial Services Authority (FSA) continuing its ‘Treating Customers Fairly’ drive ahead of its deadline of 31 March, firms should have procedures in place that can show their workings – much like maths exams of the past.
Why you came to the decision is just as important as whether the decision was the right one for the borrower, and technological solutions can help achieve this.
Looking at time scales, with products being pulled on a weekly, if not daily basis, anything that can save mortgage intermediaries time without compromising on service should be applauded and most organisations are putting procedures in place to ensure that brokers remain up-to-date with the latest developments.
An addition to the MAB MIDAS system, the initiative has been developed to save brokers time in completing a sale, and in the current climate, anything that can help save time in a compliant environment should be welcomed.
However, despite a clear progression of how computer solutions are shaping the market, in the technologically driven world, it is essential that mortgage intermediaries do not get bogged down with programs and systems and it remains the case that people still prefer human interaction; many brokers will still phone through to make sure an online application has been received.
Providing a handy bridge for brokers
With the continued updates in technology, it is no surprise that it is a struggle for firms and individuals to keep up to speed with new developments and this is where the role of the network can be invaluable.
Be it in offering support over the phone or getting the broker in to review the latest enhancements, networks provide a handy bridge to their appointed representatives who need to be kept informed of any changes.
To keep up-to-date with the latest developments in the technological arena, be sure to check out www.mortgageintroducer.com
