Mortgage technology provider DPR announces the acquisition of online mortgage broker Burrow.
As consumer habits change and demand increases for simpler and more streamlined process, DPR is taking significant steps towards driving technological change in the sector. The acquisition of Burrow follows on from the acquisition of eKeeper last year and enhances the Group’s capabilities to help its customers, mortgage lenders and brokers, to transform their multi-channel digital offerings
The mortgage industry and wider financial landscape are in the midst of seismic technological changes. According to a survey commissioned by the Council of Mortgage Lenders (CML), for example, over 40% of respondents now believe that robo-advice is likely to be faster and more convenient than speaking to a mortgage adviser, with a similar proportion of people indicating that a ‘hybrid’ blend of digital and human elements would provide a preferable template for future industry practice.
They say spring is the season for new beginnings and in the mortgage market at least that certainly seems to be the case. In the last few years, the spring months have brought with them plenty of change – from the implementation of the Mortgage Market Review and the Mortgage Credit Directive to the Stamp Duty surcharge and the roll out of the new landlord tax relief system. And it seems 2018 will be no exception.
The digital revolution in the mortgage market is nothing new. Indeed, much of the conversation in the industry in 2017 centred around how the intermediary sector could compete with technological developments in the lender community. However, late last year, things took an even more interesting turn with the introduction of artificial intelligence.
For years now the prospect of a major technological revolution in the mortgage market has been hinted at but never actually came to fruition. I think 2018 is going to be the year we finally see it.
While certainty is not a word that applies to much in the UK at the moment, I think we can say with some conviction that 2018 will be the year that technology dominates the sector. It has, of course, played a supporting role in the industry for many years now and is becoming an ever more essential part of brokers day to day working life. However two new developments could significantly change the market beyond recognition.
Few issues have caused more jitters in the mortgage industry than the so-called interest only time bomb. Ever since it became clear that the endowment policies of the 1990s and early 2000s were mis-sold there has been concern over how interest only borrowers would repay their loans at the end of the mortgage term. Add to this of course the fact that such mortgages continued to be sold (in large qualities) in the run up the credit crunch and it’s not hard to see why there’s so much unease.
Millennials are renowned for doing everything on their mobile phone, and why should banking be any different? Over the years, consumers have become more comfortable using their phones for banking, as they identify the benefits and improved safety. This has brought an increased demand for mobile banking experiences, with banks and lenders battling to provide the best process.Continue reading…
As part of its ongoing investment in technology The Cambridge Building Society has introduced its first mobile app giving customers the flexibility of being able to check their accounts on the move.Continue reading…
Danske Bank has teamed up with DPR to establish a highly automated and streamlined mortgage origination system.Continue reading…