What to expect when using an online mortgage broker
Online mortgage brokers have grown in numbers quickly over the past few years. It is no longer acceptable to simply have a website with a contact form and call your service ‘online’. We explore the key aspects of being an online mortgage broker.
Instant Access to a Broker
Live chat should be the main point of contact. When you visit an online broker, it should be expected that your mortgage advisor is available for a live chat. That’s not just about having a button in the corner of a website for show, it actually needs to be manned and monitored by a responsive mortgage advisor.
Technology allows us to know when you are online as if you have just walked into our office. You should always be able to speak to a fully qualified and experienced mortgage advisor, not have someone from an administration team pick up your enquiry. This means that you should be able to speak to your qualified mortgage advisor beyond the typical hours of 9-5pm.
When a customer reaches out via live chat, this should send an instant notification directly to your mortgage broker on their mobile device to alert them to go online and respond.
There are administration services that companies can use to make it look like you are speaking to a representative of the Company, but actually you might be speaking to a support team who may not be able to provide mortgage advice at all. All they can do is take your number down and get someone to call you back.
Online from start to finish
When you use an online mortgage broker you expect every aspect of the service to be completed online. A phone call to follow up with several appointments later to collect your mortgage requirements is not representative of a truly online service.
The actual mortgage application should be available digitally, of course with the option to speak to a mortgage advisor over the phone if you want to (as well as live chat and email).
Before taking the plunge it’s natural to want to put a voice to the name, but then carry on with a digital application in your own time to make sure you are happy with the detail before it’s submitted. This means that you can revisit your digital application at any time, rather than have to rush to get it submitted all in one go.
An online mortgage broker service should also include open banking integrations that help make your mortgage application easier to process and reduce the amount of data collected.
There are some great integrations we take advantage of that allow us to check the validity of your ID with just a quick snap of your Passport or Driving License, or allow you to sync your latest bank statements directly from your online banking. There is no need to print off pages and pages of personal bank statements anymore. This technology is available thanks to advancements in open banking. We fully expect advancements in this area over the coming years to reduce the time it takes to process a mortgage application.
The industry is moving away from the old image of the suit and tie broker who you can only speak to once you have arranged an appointment, to an online advisor waiting to help you at a moments notice. A great blend of technology and good customer service to ease you through your mortgage application.
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
Date Published: 10th March 2019.