Majority of brokers don’t shop around for affordability tech ‒ MBT
Around eight in 10 brokers, 79 per cent, did not try different affordability platforms before choosing the one they currently use.
According to a survey from Mortgage Broker Tools (MBT), which collated responses from 400 brokers, 70 per cent said they used an affordability platform for research purposes on at least two thirds of their cases, but very few shopped around.
Affordability and criteria platforms have become a crucial part of a broker’s arsenal, with MBT, Twenty7Tec, Knowledge Bank and Criteria Brain among some of the providers available.
The survey said that only one in five shopped around for the best platform, with most sticking to the first one they used.
Tanya Toumadj (pictured), chief executive at Mortgage Broker Tools, said it was “encouraging” to see more brokers using technology to assist their affordability research, but it was “surprising” that many settled for the first one they used.
“There are many different options available now and some are better than others,” she said.
The research found 64 per cent brokers said accuracy was the most important to them, so they could ensure that they were selecting the most suitable lender.
Toumadj noted that different platforms had different levels of accuracy, adding that 79 per cent of brokers said MBT was accurate on majority of cases and a further 11 per cent said it was always accurate.
This compares to 67 per cent who said other platforms were accurate on majority of cases.
“The conclusion is that perhaps the market requires a bit more awareness of the platforms on offer for brokers and brokers could shop around first before jumping on board,” she said.