Iress : Feel the need... the need for speed

Published: 2021-09-23 05:02:18 ET IRE.AX

Then vs now

The 32-bit program you used in 2011 might stream your favourite Netflix series, but the quality would be terrible. If you used the 3.5GHz processor in your computer to do a mortgage now, you'd be banging your head on the desk.

Our experiences and expectations change. Just as no broker would ever dream of going back to the days of looking up the best rates in the Moneyfacts paper, most now couldn't imagine operating offline on a desktop having experienced working faster on mobile and online.

Ten years ago, when we published our first mortgage efficiency survey, most mortgages were done face to face and direct. Fast forward ten years, and over 90% (Intermediated mortgage applications +90% in 2021, compared to 77.5% in 2020. Iress mortgage efficiency survey 2021) of mortgages are intermediated. The increased reliance on intermediaries, particularly since the pandemic, has welcomed new developments in broker technology, revolutionising the way mortgage business gets done.

Disclaimer

IRESS Limited published this content on 23 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2021 09:01:04 UTC.