"Brokers of all shapes and sizes need to realise how tech advances can help them in their day-to-day business lives. "
FR: What is One Mortgage System?
One Mortgage System was formed in 2017. It was developed by working alongside mortgage advisers, observing how they operate and noting how admin and processing requirements could be simplified and made more efficient within the business. It is more than just a sourcing system. It was the first system to develop a full two-way integration with Precise Mortgages, Kent Reliance, Shawbrook Bank and Together Money on their first charge products.
The system offers AVMs, changeable workflows, drag and drop facilities, and gives its users access to documentation and application forms from 28 lenders without the need to rekey any additional data – a number which will grow rapidly in the next 12 months. OMS also incorporates existing features such as document uploads, KFIs, evidence of research, email and SMS updates, pre-underwriting and credit searches. We are constantly updating these so that advisers can dedicate more of their time to what really matters - providing the best advice, maintaining close relationships with their clients and generating more business.
FR: Why did you develop it?
We’ve run our own brokerage and master broker business for over 25 years and realised that we had to take steps to embrace technology to improve our efficiency and maximise potential revenue streams. We initially looked for a system or solution to help us achieve this, but the truth is that we couldn’t find anything suitable so we started developing our own.
As the system took shape we quickly realised its vast potential. We deliberated long and hard about whether we should keep it to ourselves or commercialise it. We eventually decided on the latter and our decision has been proved correct as we now have over 4,000 brokers using it. A growing selection of specialist lenders are supporting us with genuine two-way links to their systems and we are working closely with a number of intermediary/distribution partners to ensure that it consistently meets their needs.
FR: What are the big issues surrounding tech and the intermediary market?
Brokers of all shapes and sizes need to realise how tech advances can help them in their day-to-day business lives. It’s fair to say that the mortgage market has been way behind the tech curve for many years, and we are certainly still playing catch up. The complexity of the specialist mortgage market has been viewed as a major tech barrier for far too long and more avenues are opening up for systems and solutions which can support the intermediary market rather than work against it.
FR: What’s your advice to brokers when assessing what tech to use/buy?
Many firms now seem to be offering a piece of the jigsaw but can’t provide a full end-to-end solution. Whether this is a realistic end goal remains to be seen, but it’s encouraging to see a raft of competition in the broker tech space after years of minimal innovation.
This underlines just how important it is for brokers and distributors to realise exactly what problems they want technology to solve, and to do their due diligence in securing the right solutions to solve these problems. The best kind of tech is here to support and enhance the service a broker can provide to their client base.
FR: Where do you see the broker tech market in three years?
It’s tough to say as this is a space which is constantly shifting. For years we have been screaming for more innovation and the tech space really has come to the fore in recent times, so who knows exactly what is around the corner. However, what is clear is that there will be lots of partnership arrangements between tech firms and not all will survive, as securing distribution is paramount. The ability to choose a provider with plug and play will become standard, and it will be those tech firms with the right product and strength of relationships within the industry who will continue to rise to the fore.
