The online system allows brokers to book funds at any time, day or night, whereas the previous tranche management system allocated time slots for mortgage funding to select distributors.
The tranche management system came under heavy criticism from brokers, many of whom had to wait several days to access funds.
A spokeswoman for Woolwich denies that the online system was introduced due to broker criticism of the telephone system.
She says: “It’s all about the development and the next stage. It’s just a balance between service and convenience for people.”
From today brokers can now access the online system with a personal password, which will be sent by email from Woolwich.
Brokers have to key in the specific network or club they are booking funds through, along with the product. They will then receive a reference number, which they then use when submitting the mortgage application on Woolwich’s online mortgage application system.