Mortgage advisers are embracing new technology faster than any other time following the credit crunch, according to Criteria Hub.
The online deep search engine, which recently announced a partnership with Openwork to provide access to its platform, conducted a survey of its members.
It found that brokers are turning to technology to help them keep ahead of their peers due to the competitive nature of the marketplace.
This has led to more entrepreneurial advisers seeking ways to improve their service and strengthen the ways they ask for referrals, according to Jason Hegarty, director of Criteria Hub.
He said: “Providing a great mortgage service has many moving parts and because of the way in which advisers have to rely on others, such as lenders, conveyancers and surveyors, means that if any of these break down, ultimately the blame falls on the broker.”
“To counteract this, savvy advisers are telling us that they are making greater use of technology in order to minimise potential road bumps in the process.”
He added that using a sourcing system is a given but making use of online conveyancing and valuation services, as well as the increasing use of online platforms that bring full lender criteria under one roof, are helping advisers create a ‘smoother mortgage path’, saving time and helping to avoid uncertainty when relying on numerous third parties to reach completion.