News / Mortgages

We’ve gathered data from 217 intermediaries and lenders representing a 75% market share of gross mortgage lending to compile our fourth annual Intermediary Mortgage Survey.

The report takes a look at the processes offered by lenders and the intermediaries who use them, as well as canvassing opinions about future developments such as open banking and API (application programming interfaces) adoption.

Key findings from this year’s survey:

  • Seven out of ten (69%) lenders are optimising portals for use on mobile devices, yet a third (35%) of intermediaries are still calling for portals in general to be easier to use
  • Nine out of ten (89%) lenders provide scan and attach at point of sale, but four in ten (42%) do not allow proof documents to be uploaded as an image via a smartphone or tablet
  • Eight out of ten (80%) lenders provide real-time case tracking, however, over half (56%) of intermediaries still have to make between four and ten calls on average per application, most frequently for case updates
  • Six out of ten (58%) of lenders see ‘robo-advice’ technology as an opportunity for the mortgage market, compared to just one in seven (14%) intermediaries
  • Nearly half of lenders (44%) think APIs will open up opportunities in the mortgage market

Henry Woodcock, principal mortgage consultant, IRESS, commented: “The survey findings show that lenders continue to put considerable resource into improving the mortgage journey for customers and their advisers. However, intermediary experience suggests that, in many cases, lender sales portals are still not meeting intermediary needs in terms of up to date case information, joined up functionality and intuitive design.”

To read the report in full, for more interesting insights from the survey, click here.

 

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