The COVID-19 pandemic led to major changes in the mortgage industry, as many paper resources were replaced by digital alternatives. Most parts of the application process are now carried out online, but the technology revolution is unlikely to end there. So what are the possible next steps in it?
Well, one that seems very likely is the greater prevalence of client portals. Cutting the time involved in getting mortgage applications submitted to lenders is desirable for both advisors and their clients. Many of the emerging online portals are able to be used for document submissions, but also decisions-in-principle from lenders and automatic property valuations. That has the potential to make them something close to a one-stop-shop for mortgage advisors in years to come.
Another possibility is greater lender embrace of systems for customer relationship management (CRM) that connects them to advisors. This would allow for rapid sharing of information online and have obvious benefits, but as with client portals, the key issue is standardisation.
Advisors are becoming ever-more comfortable with technology. Indeed, the new generation often get their qualifications using an online CeMAP training company. However, when they start working with lenders they encounter wildly differing levels of digitisation.
Right now, there is no acceptable industry standard for this, but that would be the best and most efficient way forward for the industry. For the benefits that technology offers, to be fully realised it has to become a standard way of working across every part of the industry.
