The conveyancing sector is being urged by borrowers to speed up the mortgage process by improving their technology.
According to recent research, the conveyancing sector is behind in regard to the mortgage process, with borrowers stating that the sector is less sophisticated than valuers, lenders or brokers when it came to technology. The poll looked at various parties involved along the process, collecting and comparing the opinions of consumers in regard to different aspects of the service provided.
The LMS survey, which gathered the opinions of 1,452 borrowers revealed that under half of the respondents felt that their conveyancer was “good value for money”.
A lack of technological sophistication is the main issue according to LMS. The report showed that, out of any party involved in the mortgage process, conveyancers are the furthest behind in this respect. 10% of respondents felt that the technology used by conveyancers was out of date, whilst half of this proportion felt the same about that used by mortgage brokers. For lenders and valuers, this figure rose to 7%.
However, there was a majority view that conveyancers could improve their services by implementing better technology. Of the respondents, over half (56%) thought that technology could make the process better value for money, whilst just under two-thirds (63%) felt it would speed up the process. 57% believed that the process could be made less stressful and a further 42% thought the chances of deals falling through would be improved if technology was better.
The views of borrowers differed when it came to the type of technology that would be most effective. However, the most popular choice at 58%, was a web-based countdown to the completion date, closely followed by a phone service where they could get straight through. Email updates weren’t far behind, with half of borrowers thinking this would be effective, whilst apps (36%), texts (37%) and online messaging systems also proving popular (32%).