Intermediaries want an online service that allows them to find both suitable mortgage products and to issue quotations for their clients, according to a new survey by the Intermediary Mortgage Lenders Association (IMLA).
The survey reviewed the opinions of financial advisers regarding lenders’ and independent suppliers’ internet-based mortgage services.
It discovered that intermediaries want better online services which will allow them to send electronic applications and conduct online case tracking. Another common request was the ability to access lenders’ products through a single point of contact.
A quarter of respondents said that they would willing to conduct more than 80% of mortgage transactions online, but over two thirds would want access to at least 60% of lenders if they were to use the internet when conducting mortgage business.
The research found that most intermediaries felt that the online market would not take off until a more comprehensive system becomes available. However, support for a comprehensive service from either one of the existing providers or from a new initiative coming from the lenders or an industry group was evenly split.
John Heron, chairman of IMLA, said: “There is a definite demand for an electronic service offering advisers a broad range of functionality. The real problem, however, is not as much with the technology as it is getting lenders to adopt common data standards thereby supporting a process that will allow a service provider to offer accurate information on, and direct access toall lenders.”