80% of brokers say that being able to send information to lenders using their smartphones would improve the mortgage or loan process. At a time when lenders are criticised almost daily for poor service standards this provides potentially crucial information for improving the mortgage application process.
A survey of 251 brokers and IFAs was carried out by mortgage best practice site TCFinfo.co.uk in conjunction with Mortgage Brain and iState Systems the leading creator of smartphone applications for financial services businesses.
Of the respondents, 80% of brokers said that mortgage processing would improve if they were allowed to photograph documents such as P60s, bank statements or wage slips and send them directly into the customer’s case file on the lenders system via smartphone technology. This technology is already readily available to lenders but most brokers (51%) said that the technology was not available to them with any of the lenders they used, while 39% of respondents said that fewer than 25% of the lenders they used would let them submit documents using smartphone technology.
61% of respondents were 46 years old and over indicating that smart phone technology is not only used by younger brokers as and therefore would be widely used. This is backed up by the latest usage data which finds that 72% of people in the UK own a smartphone.
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Chris Little, managing director of iState Systems says, “At the same time that many lenders are struggling with service standards and high volumes it makes perfect sense to utilise available technology to reduce the pressure on staff and improve the experience for both brokers and customers.
“This smartphone technology already exists and has been tried and tested by a number of lenders. In fact some lenders already enable both brokers and borrowers to use their smartphones or tablet for things such as to: apply for a mortgage, track the progress of the mortgage, upload and send documents such as P60s or payslips and to receive secure notifications regarding outstanding information that they need to supply.
”This survey has identified that many brokers already see the use of smartphones as the way forward for the mortgage industry. The use of smartphones is now ubiquitous and how quickly lenders adopt this technology is likely to play a part in shaping the future of the mortgage market.”
Paul Clampin, director of underwriting at Paragon Mortgages, said: “In the last quarter 85 per cent of all applications to Paragon have been submitted to us online, which shows the way intermediaries are doing business is changing. Submitting applications via the Mortgage Trust and Paragon Mortgages websites is quick and easy, and I expect we will see more business coming through in this way.
“The feedback from intermediaries following the launch of our CaseTracker app has been great, and we hope that people are going to find the android version just as useful for managing their applications whilst on the move.
“Key features of the app include the ability to respond to queries or information requests against applications, and the provision of updates on the status of applications. The app’s primary function is to make the intermediary’s business life easier.”