At a NatWest Intermediary Solutions Broker Insight panel session in Milton Keynes, one broker in the audience said they were excited at the “rate of change” in technology used in the mortgage market.
David Hunter, corporate account manager at NatWest Intermediary Solutions (pictured), said the key was to ensure that borrowers and brokers were able to engage with lenders on any platform they want to use.
And he suggested that it will fall to all parties involved ‒ lenders and brokers alike ‒ to educate borrowers on what options are available to them.
Graham Felstead, head of intermediary mortgages at NatWest, added that brokers will also be crucial in building confidence in new technological developments.
He said: “I think once you start getting the API (application programming interface) set up in Open Banking, you can start to look at someone’s history over years of banking, income and I just think that will change the dynamics of who we lend to and who we don’t.”
As a result, this could mean further benefits to simply speeding up the mortgage process, instead meaning lenders can offer a more tailored approach to product pricing based on individual borrowers, Felstead suggested.