Mortgage lenders need to speed up their service and improve access to underwriters to benefit from an increased volume in business, according to a survey of mortgage packager firms carried out by SPML.
Overall, almost half of the packagers questioned said that the decision process needed to speed up ‘a lot’, believing that the desire for increased volumes in business can delay the processing of applications and issuing of lending decisions.
Some 76% also said that they wanted to see improvements in access to underwriters for discussing any case issues that may arise.
John Prust, sales and marketing director at SPML, said that the results highlighted several areas of concern.
He said: “In an age when service is everything, the results demonstrate that packagers feel the lending community still has a long way to go to deliver the kind of service it should be.
“The consumer should be able to expect quick lending decisions and be able to see how their cases are progressing as a right and not as a privilege.”
The survey also revealed that over half of packagers wanted lenders to improve online access to case progress.
Prust added: “The current focus on internet-based mortgages within the lending community is all well and good, but the experience of packagers casts real doubt on lenders’ abilities to make the most of new technology when providing online access to cases.”
SPML said that as a link between mortgage advisers and lenders, mortgage packagers were ideally placed to judge levels of service provided by lenders.