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BM: Mortgage lenders don't recognise technology benefits
Fri, 16 Dec 2005
Nearly half of all mortgage lenders in the country do not feel that technology is an effective way of keeping records and creating audit trails, according to new research.

While mortgage lenders recognise technology's importance in bringing about benefits to aid compliance, just 49 per cent of them said that audit trails and record keeping is an effective use of technology.

But more than 60 per cent recognised that the speed technology offers helps them in the regulated world of mortgages, according to BM Solutions.

A further two-thirds of mortgage lenders said that technology lets them obtain more information, which helps them to assist those who want to find a mortgage.

"In the two most recent reports into sub-prime and self-certification, the FSA [Financial Services Authority] found brokers needed to improve their record keeping methods. Technology is the only sustainable way to achieve this," said Martin Reynolds, head of sales at BM Solutions.

"Brokers should look to utilise the full benefits that technology has to offer in helping them to conduct business in a regulated world."

The research findings come after the FSA said incomplete record keeping concerned them.

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