This is the view of Doug Hall, sales director of 3mc, who believed most packagers were working on systems allowing brokers to pre-populate client information from the initial enquiry to completion.
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Hall said: “Imagine an intermediary with the ability to accept online applications into their own back office systems, with the added ability of being able to pre-populate with mortgage sourcing systems, and then being able to transfer the data into lenders’ systems. I am sure before the end of 2007 there will be a number of brokers who will be able to complete the entire sales process without having keyed one piece of data themselves.”
Hall believed technological solutions were becoming increasing important in a packager’s offering.
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He also admitted, through supplementing online business with enhanced procuration fees, 3mc’s average proc fee had gone up 12 per cent in 2006 to £1,005.
Dev Malle, director of mortgage distribution for Personal Touch, agreed, but stressed intermediaries must still ensure best advice was considered.
“We have plans to integrate systems so at the press of a button, you get the decision-in-principle and application pre-populated. However, you must stress the broker has to do the sourcing themselves. The Financial Services Authority is clear on this, so while packagers must offer integrated technology solutions, the broker must do, and prove the sourcing.”
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