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‘Lenders cannot ignore internet’

Lenders are being warned that they risk falling by the wayside if they ignore the internet.

Pink Home Loans managing director Tony Jones claims that banks and building societies which fail to build technology that helps transactions for brokers will lose business.

Jones says: “The internet is becoming increasingly important. It was nice to have an online system a couple of years ago but now it is vital.

“Brokers say they want to access information quickly and efficiently, and by using technology you can bring different systems together and send information to different sources.

The warning comes as Mortgages plc introduces its online system, On Demand, to help intermediaries access information about its mortgages, and get decisions, KFIs and conveyancing information.

The lender is also relaunching its product range with a number of enhancements, including the introduction of online affordability-based underwriting.

Mortgages plc sales and marketing director Peter Beaumont adds: “On Demand is the culmination of many months of research, systems development and testing.

“We wanted to ensure that we fully understood intermediaries’ requirements before any programming commenced, and a lot of work was undertaken during last summer and autumn to find out what intermediaries were looking for in the ideal mortgage systems.

“We have tested the system throughout the final quarter of 2005 and the response from the panel of users has been fantastic. The system delivers speed, reliability and a lack of gimmicks.”

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