Twenty7Tec is to provide free daily market analysis reports to key intermediary and lender partners, as well as the rest of the market, during the Covid-19 crisis.
These reports will focus on demand levels in the mortgage market by analysing three key metrics:
- Volume of intermediary searches across all users
- Volume of ESIS documents produced by all intermediary users
- Value of loans requested in total via the production of ESIS documents by all intermediary users.
Key intermediary partners of Twenty7Tec will receive this data relating specifically to the performance of their own firm, as well as being able to access the market wide data.
The data provided by INSIGHT will show the performance of the market over the last week, up to and including the previous day’s activity. This will enable intermediary and lender firms to quickly identify key movements in activity that can be used to accurately forecast consumer demand, intermediary workloads, pipeline business and ultimately revenue, Twenty7Tec claimed.
James Tucker, CEO of Twenty7Tec, said: “It has never been more critical to use data to predict trends in demand that will support the timely and proactive behaviours needed to ensure our industry is able to weather this crisis. It is our hope that by providing this data to our key intermediary and lender partners we can support them in reacting in the right way to this constantly evolving situation.
“So far, our industry has done a great job of working with Government and pivoting so meet the needs of the new economic and social environment. We’ve seen three month holidays introduced at speed – which I believe will be looked back on as one of the best moves our industry could have made at this time. We hope that by providing this data through INSIGHT Barometer in an open and timely fashion, that lenders and brokers will be able to continue to innovate at pace and meet the needs of a changed market.
“Mortgage activity is often a helpful indicator in the UK’s broader economic performance. We can already see from our data that the volume of ESIS documents created from our system, which are a good indicator of market demand, were down around 7% in the past seven days compared to the prior seven-day period. That 7% figure includes days both before and after the three-month mortgage holiday changes, so it’s possible that we will see levels stabilise again soon. That said, these numbers had been stable for the prior three weeks.
“At the same time, search volumes – the numbers of broker searching for mortgage products for their clients using our systems – have dropped around 5% compared to the prior seven days. Additionally, total value of loans requested via ESIS document production dropped 8% over this period. It had been very stable at the prior level for the three previous weeks. Ebbs and flows of this kind of level do happen over the course of the year as house-buying cycles take place, but we’ll see whether 7/8% is indicative of something deeper over coming days.
“It has never been more critical to use data to predict trends in demand that will support the timely and proactive behaviours needed to ensure our industry is able to weather this crisis. It is our hope that by providing this data to our key intermediary and lender partners we can support them in reacting in the right way to this constantly evolving situation.”