Many packagers are currently investing in systems to help move their sales process online. The sector has been criticised in the past for failing to keep up with the investment in technology by lenders and intermediaries in the market.
However, Doug Hall, sales director at Mortgage Choice, believed 100 per cent online applications were not too far away, if packagers were prepared to put the money in.
“Our aim when we launched our online applications was to have 100 per cent online for 1 January and we’re up to 80 per cent after two months. It would depend on the willingness to invest in technology but if it was prepared, the sector should be able to do 100 per cent online. The benefits are clear, both in terms of reduced processing costs and a quicker turnaround time for the broker.”
He also believed if packagers were to achieve total online conversion at the application stage, brokers would need incentives to switch, such as enhanced procuration fees.
Alison Beech, business development director at Rooftop Mortgages, said lenders were keen to see online packaged cases. “In terms of getting the information to the lender online 100 per cent of the time, we would like to see the market move that way. This, though, requires investment from packagers in terms of time and money. It also then depends on what the lenders do with that information once they’ve received it.”
