Brokers rely on phone due to lenders’ poor portals

Two-fifths (42 per cent) of intermediaries ranked usability of lenders’ portals as average to very poor in the latest annual survey by technology provider Iress, which quizzed 592 brokers who deal with lenders covering 86 per cent of the market.

The research found many intermediaries still rely on the telephone rather than online systems, SMS or email, with 83 per cent saying they call lenders between three and six times per application.

Yet investment into portals continues to grow, and 89 per cent of lenders now offer the facility to scan and attach proof documents, which was voted the most important mortgage portal feature by intermediaries.

An online single-status view of all cases - voted the second most important feature - is now offered by more than half (59 per cent) of lenders who participated in the research, while 85 per cent now provide real-time case tracking.

The survey also revealed conflicting attitudes towards robo-advice among intermediaries, with a minority (16 per cent) seeing it as an opportunity, 31 per cent seeing it as a threat and the majority (53 per cent) remaining neutral.

They are the ones that drive me nuts because there is always the danger of losing something in the post.Paul McKay

In contrast, three-fifths of lenders (60 per cent) see robo-advice as an opportunity, while the rest (40 per cent) appeared neutral.

Henry Woodcock, principal mortgage consultant at Iress, said: “It is heartening that for the third year in a row we have seen improvements in the functionality lenders offer to mortgage intermediaries.

“However, while many lenders’ portals received praise for their ease of use, a number were criticised, highlighting the inconsistency in the level of services provided across the industry. 

“Many intermediaries are asking for clearer, easier and faster application processes and complain some of the data requested by lenders is unnecessary, complicated and irrelevant. 

“We expect to see further investment from lenders in response to intermediary requirements over the coming months.”

Paul McKay, director at Fareham-based Homeloan Express, said the main problem he experienced was with lenders who do not offer online solutions.

He added: “Some lenders are still high and dry, and it is still done by hand. They are the ones that drive me nuts because there is always the danger of losing something in the post.

“The big thing with the technology for me is in future advance and porting products over to a new property. That is when it all goes into meltdown.

“You need a bit of joined up thinking to make it smoother for the client, particularly because the offers don’t last very long and once the solicitors get hold of it they could have it for three weeks.”

Rank lender's online service

Have your say on the online portals offered by lenders by ranking the best and the worst in FTAdviser.com’s Online Innovation and Service Awards.

FTAdviser;s Online Innovation and Service Awards gives you, the adviser, the opportunity to rate the innovation, speed, support and accuracy levels you receive when dealing with product providers online.

The annual awards recognise while financial advisers still demand the best service standards, they also expect top-of-the-range functionality.

Click here to complete the questionnaire – it should take less than five minutes and you will be entered into a free prize draw to win an iPad Mini.

simon.allin@ft.com