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Call for common internet standards

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  • 10/08/2001
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More mortgage applications will be processed via the internet if common industry standards are intro...

More mortgage applications will be processed via the internet if common industry standards are introduced, according to a survey conducted by e-commerce software provider Focus Solutions.

The survey found that 35% of respondents named lack of data standards as the main barrier. Other deterrents included cost, indecision to build an in-house system or use existing service providers, and difficulty in changing company procedures.

However, nearly 90% of providers said transacting applications electronically would make processing costs cheaper and attract more business.

According to the survey, the majority of providers expect to be doing only 15% of business via the internet by 2006 due to the difficulties currently being faced when making the move to electronic trading.

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