The Council of Mortgage Lenders and the Intermediary Mortgage Lenders Association have teamed with Frank Eve Consulting to analyze how lenders and brokers use the internet to speed-up the lending process.
This year the study will focus on how lenders integrate their technologies into the broker point of sale systems and the priorities for lenders in terms of third-party integration.
It will also be extended to review broker point of sale systems, application processing systems and sourcing systems. The goal is to help lenders and brokers establish an overall e-commerce strategy and prioritize IT spending.
The study will define basic threshold requirements, best practice and emerging best practice in lender-broker technology.
Data collected will be used for the Mortgage Strategy Technology Service Awards to be presented at a presentation lunch in November.
Frank Eve, managing director of Frank Eve Consulting, says: “This year’s study will show how the mortgage e-commerce environment is adjusting to the effects and implications of the credit crunch. We will be evaluating Lender – Distributor connectivity and considering where lender strategies will lead the industry, with particular focus on how lenders are integrating with broker point of sale systems and trading platforms.”
Michael Coogan, director general of the CML, adds: “One year on, and the market environment is very different for lenders and brokers as we embark on this year’s benchmark study.
“But the application of information technology will continue to be important to our industry. We are therefore pleased once again to support the study, and look forward to seeing how IT innovation is helping lenders and intermediaries address the new challenges confronting the industry.”
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