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Brokers shun lender websites in favour of sourcing systems – exclusive survey

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  • 14/02/2017
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Brokers shun lender websites in favour of sourcing systems – exclusive survey
A clear majority of brokers say sourcing systems are their first port of call when finding products for their clients, an exclusive survey on broker preferences of lender websites reveals.

In the survey of advisers conducted by Mortgage Solutions with 147 respondents, 95% said they relied on sourcing systems over intermediary websites to find the most suitable deal for borrowers.

However, over half of brokers visit intermediary websites more than five times a day, with reasons varying from checking product criteria, to using affordability calculators and completing AIPs. Two-thirds of brokers said they use a sourcing system to produce their KFI or ESIS.

Almost all brokers received lender emails informing them of new products, but 40% of respondents said they did not want these updates, with some branding them “annoying” and “irritating”.

“Sourcing systems give us everything we need on exclusives and product changes. The only time it is helpful is on the odd case where you are verging on the client needing their application submitting but the product they want is about to be withdrawn,” was one such quote.

Of the lender websites available to them, Halifax came out top among respondents, with Nationwide named as second favourite and Santander, Natwest and Coventry not far behind.

Advisers named ease of use, good navigation and a comprehensive affordability calculation as the main reasons these websites stood out among their peers.

Some 90% of brokers also said they valued websites which allowed access to business development manager contact details.

However, when asked which improvements they would like to see made to lenders’ online case tracking, 43% of respondents noted that information on who was dealing with the case and their contact details should be provided.

 

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