New fin-tech will shake up mortgage application processing
New fin-tech will shake up mortgage application processing and advice to the consumer…
The post-MMR world is here and both brokers and lenders already find themselves working overtime to adapt their business processes to ensure compliance with the new regulations.
In the modern advice arena, business process change and technological change are inexorably linked. If a firm is required to change the process it has been following for advice, it is inevitable that it will have to review the technology it has been using to facilitate that process.
To date, the lack of investment in developing new technology by software firms operating in the mortgage market has stalled the acceptance of technology as an enabler, rather than an inhibitor of advice.
Just look at the loose and sometimes non-existent interactivity between CRM systems and mortgage sourcing systems. Here are two systems that are inexorably linked in the advice process, yet the lack of full intra operability and data transfer between the two continues to frustrate brokers and networks alike.
Even in today’s world of mirrored SQL Servers, auto-failover, and witness servers, we still have technology providers suffering extended and inexplicable blackouts in service. The right investment in infrastructure should prevent events like these, but to date that investment simply hasn’t been there.
Networks and independent mortgage brokers are tired of having to shoehorn their business processes into whatever technology is available. Technology should be flexible and adaptable to meet their needs, and drive efficiencies in their business processes. To date, in this market at least, it hasn’t been.
But things are changing.
New players are emerging; ready to invest in delivering flexible platforms that will push technology to the forefront of delivering compliant and efficient advice in the post-MMR world. Cloud-based sourcing systems using cross platform web services can offer seamless integrations with CRM systems, which themselves will be infinitely customisable to suit brokers’ individual requirements. Even the process by which cases are collated and delivered to the lender for assessment will change as technology evolves.
We are finally on the cusp of a new era of technological development in the mortgage market, and not a moment too soon.