Copy article

Mortgage companies upping their game with tech

Journalist: Jake Carter, Mortgage Introducer

ended 22. August 2023

What areas of mortgage technology do you lack knowledge in?

How would you like to be taught more about mortgage tech? What do you really want to learn about mortgage tech?

Do you need a balance of tech and the human touch, or is one more important than the other?

6 responses from the Newspage community

Copy all

Copy

Editor
Stephen Perkins
Managing Director at Yellow Brick Mortgages
Technology and tools can certainly save time for a qualified adviser, when used properly can enhance the service provided. However, so much in mortgage brokering lies in the cracks between the policies, and a good overall case can usually be placed with lenders by exception that I think you will never take away the need for the human experienced adviser. When it comes to service, communication, personalisation and rapport building are key and this all leads to building trust, which a "computer says no" automated process wouldn't provide. Automation leads to a self-advised process which will likely not provide the best outcome for the client. Tools being used to save time and legwork, and by lenders to assess income and value properties quicker can be incredibly valuable though.
Copy

Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
Integration of AI could be a useful tool for front-end office and back-office assistance only, and not for the decision-making processes, which human interaction offers which can be more effective. I am sure industry-leading software companies are frantically working on this as we speak, and I expect new updates on many financial systems many companies use. That said manual underwriting will always win over automated underwriting on complex cases, all-day long
Copy

Joe Stallard
Director and Advisor at House and Holiday Home Mortgages
We find that clients still very much value the personal service given, however, there's no doubt that technology can aid that customer journey.

With the large investments made in property, it's reassuring for people to be able to talk things through with a human. Improvements in technology can aid that by making the process of doing so as simple as possible.

Taking the best of both can have great outcomes for clients!
Copy

James Miles
Director - Mortgage Adviser at The Mortgage Quarter
Its inevitable that tech can streamline and speed up the antiquated systems of old and help reduce the home buying process. New fintech lenders are leading the way as their systems have been built from scratch however the traditional lenders have some catching up to do.
Advice will always be best given with the human touch as picking the right mortgage is not a game of roulette. Where tech can help is fade out auditing on wet signed declarations, address verification etc... which is now all held elctronically.
Copy

Austyn Johnson
Founder at Mortgages For Actors
Im more a fan of the manual underwriting process as the whole 'computer says no thing just winds me up! Decline due to client not having a credit card as a debt free FTB. Anyway... manual underwriting can mean the difference between a complex case being passed though or not and usually, you can pretty much pre-agree a case before it even goes in.
Copy

Graham Cox
Director at Bridging Hub
Better use of mortgage tech, including AI, can make a huge difference to the speed and efficiency of securing property finance. From a broker's point of view, one of the biggest time sucks is speaking to, and waiting for lenders to clarify their criteria and whether a case is proceedable or not. Often it's not clear cut, or the lender's written criteria doesn't cover a specific scenario. Mortgage tech could massively shortcut the process.