We saw some great progress in the mortgage market last year, including better data sharing, quicker applications, and strong transaction levels. But the next 12 months are less certain for brokers, with execution-only business back in the frame, robo-advice growing, and a big push for direct business on the way from lenders.
2020 should see the digitisation of the mortgage process come on leaps and bounds as platforms like Smartr365 integrate with more and more different parties across the process and information sharing and security become yet more sophisticated. Advances in Digital ID and address verification are set to be the next big step forward, and we’re working closely with Digidentity to make this a compliant and robust process for all Smartr365 users. We look forward to leading the charge for widespread adoption this year.
There will be challenges in 2020, though. The return of execution-only business could affect your place in the mortgage process, along with increasingly popular robo-advice platforms and growing direct-to-lender product transfer volumes. It’s safe to say that the role of advice, and the role of the mortgage broker, could be under threat.
But change brings opportunity, and it’s vital that you are in the right place to be able to seize these with both hands and grow your business while others struggle. A broker’s biggest demand is on their time – so you need technology which can give it back. Automation and integration, brought by Smartr365, can save you up to 90% of the time it would take to complete a mortgage application manually. This means you can keep your current clients by providing them with amazing service, and win new ones with the time our platform saves you. There is no substitute for a broker’s advice, and with challenges on the way, you need to make sure you can provide it effectively for your clients.