Technology will be key in the mortgage market, says IRESS
The fifth annual Intermediary Mortgage Survey from financial technology business IRESS says technology, including API technology, digital transformation and robo-advice, continues to be central to lenders’ and intermediaries’ thinking.
The survey shows more lenders investing in API technology, with a third of those surveyed now accepting, or in the process of implementing, applications via APIs into their intermediary online digital platforms.
There’s been a substantive increase in lenders who see Open Banking as beneficial to the mortgage process, and 96% of lenders in the survey now offer case tracking, up from 80% last year. Robert Sinclair, chief executive at the Association of Mortgage Intermediaries (AMI), observed: “This fifth [IRESS] report allows us to see the developing market in more context . . . It is clear from this year’s data that these developments will continue to accelerate over the next two years as consumer demand for quicker, smoother, more informed decisions and transactions are delivered into the property and mortgage markets.”