"I don’t think mortgage brokers can be replaced by robots, but tech can make us more efficient."
Tan says that while the buy-to-let market has experienced a great deal of change in recent years, decisions should only be made on what we know now to ensure the best possible outcome.
In an interview recorded as part of the Accord Mortgages Growth Series podcast, Tan commented that following the PRA’s supervisory statement on BTL underwriting standards in 2016, we’re now in a period of more political stability and there’s a real opportunity for the market to grow.
When asked what he wanted from the new government, Tan said: “The private rented sector is needed more than ever, so let’s not make changes for change’s sake. Leave it alone and continue to keep going. Don’t undervalue the importance of this sector.”
Tan also believes there’s an opportunity for the sector to demonstrate more innovation, but not in product design. He asks that lenders embrace technology to increase speed, efficiency and automation.
He challenged the need for original documentation, adding: “For a tech-savvy industry, there is so much paperwork and with most payslips being downloadable, what is an original these days? We need to work with the lenders, without compromising the risk and make sure that they are comfortable with lending.
“The technology we’re talking about requires a joined-up approach but as an industry we’re lacking this. I don’t think mortgage brokers can be replaced by robots, but tech can make us more efficient. As a business, we are focused on continuing our drive on automation and efficiency, adding value to the customer and client.”
Chris Maggs, senior commercial manager at Accord Buy To Let, commented: “Ying’s comments on the reams of documentation requirements will resonate with most brokers as it not only provides challenges for the adviser and customer to collate, but slows down the process and a lender’s ability to produce mortgage offers quickly. Acknowledging that certifying original documents can be a challenge in a digital age is why we removed that requirement in 2019.
“The sector has been subject to a lot of challenges and it was good to hear how Dynamo is continually evolving and looking for the next opportunity. Embracing technology, simplifying processes and adapting to market conditions is key for any business and it’s satisfying when your hard work pays off. Ying has grown his organisation from one man to a team of 150 people and at Accord, we’ve seen our BTL Net Promoter Score jump from the low 30s to 87 in just 18 months. Let’s hope 2020 proves to be a great year for everyone involved in BTL.”
