The main findings from the BM Solutions Online Index are:
• Nearly eight out of ten respondents (77%) submit, track and progress to completion at least some of their cases online - an increase of 9% from the last quarter. Of these nearly 25% said they did so in more than a quarter of their cases.
• Of those who conduct at least some of their business online, 27% said they had been doing so for more than a year - an increase of 7% from the last quarter, whilst 12% said that they had only just started doing so. All of the intermediaries questioned had submitted cases online.
• The average length of time respondents have been submitting, tracking and progressing business online is 8.8 months.
• More than four out of ten (45%) respondents say that they think online mortgage services will help intermediaries become more compliant - 37% of respondents disagreed with this. 18% of intermediaries were unsure.
• The average amount respondents expect to invest in information technology over the next three months is £1,152. Only 8% of respondents said that the cost of technology is a major barrier.
Commenting on the results, Alan Cleary, head of sales, BM Solutions, said: 'It's obvious from these findings that more and more intermediaries are turning to online services. This is crucial because post mortgages day it will be the low cost players who provide a speedy response that will be the winners.
''Already over 30% of our business is now submitted through our online service - BM Solutions Online. The results show that intermediaries are investing in information technology and the majority understand the role it can play in compliance."
