EXECUTIVE SUMMARY
Technology firms are offering myriad services to intermediaries with the aim of assisting them in conducting mortgage business more efficiently and compliantly.
The Covid-19 pandemic has put technology into sharp focus, with the transition to remote working highlighting the importance of software platforms and applications.
Appetite for alternative technology platform options is high amongst Appointed Representatives, although other factors appear to be holding them back in switching network.
Relatively new systems such as affordability and criteria platforms continue to gain traction amongst mortgage advisers, with existing sourcing systems moving to offer such functionality.
Key findings
- 67% of Appointed Representatives would use a different sourcing system if their network allowed them to
- Advisers says it is critical that the system they use is “whole of market”
- Criteria searching has become the second most important factor for advisers when selecting a sourcing system
- Twenty7Tec currently has the largest mortgage sourcing base of individual users with 24,421
- 13% of advisers have switched network because of technology
- Affordability platforms have seen a large increase in registered users over the past year
- For the second year running, while all sourcing providers say their systems can compare remortgages to second charges, the majority of advisers do not think this is essential
- Mortgage Brain generated the most Decisions in Principle with over 65,000
- Advisers do not think it is important for a single sourcing system to include bridging loans/second charges/ equity release
- Paymentshield has more than doubled its user base in 12 months, with c. 38,000 new registered individuals
- A number of technology firms will charge mortgage advisers for porting data
This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
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