Lenders’ IT upgrades have increased workload, say brokers

Lenders

The survey of 500 advisers by cloud-based mortgage software provider Finova found that 73% say they are doing more admin since lenders have updated their platforms

Around three-quarters of brokers report that their workload has actually increased following lenders’ IT upgrades.

The survey of 500 advisers by cloud-based mortgage software provider Finova found that 73% say they are doing more admin since lenders have updated their platforms.

The findings may reflect slower processing times while brokers and support staff get to grips with new software, but also suggest that more could be done to improve workflow.

It comes despite some banks investing heavily in their digital tools.

The survey found that 46% of advisers reported that they “always encounter glitches or issues” with lenders’ technology.

It found that 58% of brokers are spending 5-10 hours per week on admin, while 41% are spending 11-20 hours.

Brokers report the most-time consuming aspects of processing applications include communicating with lenders over changing rates and criteria (48%), scanning and digitising physical documents (47%) and ensuring these documents meet quality standards (47%).

Despite this, 90% brokers say that overall, lender technology has eased their workload to some degree.

Around two-fifths of brokers (38%) are calling for improvements in user interface and experience, while 37% want to see stronger security, faster platform speeds and better integration with their own systems.

Access to responsive customer support and training is also a top priority for 37% of brokers.

Finova chief revenue officer Chris Little says: Although mortgage product availability has improved, borrowers are still grappling with high rates and we are yet to see meaningful reductions after the base rate cut.

In this ever-changing environment, brokers are under increasing pressure to process applications swiftly and accurately, he said.

Collaboration between lenders and brokers has always been the foundation of a thriving industry, and our findings underscore the need for even closer collaboration, he said.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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