Four out of five brokers failing to shop around for best affordability tech

Almost four in five brokers (79%) would say they have not tried different affordability platforms before choosing the one they currently use, a new study has revealed.

Research by Mortgage Broker Tools (MBT) found that 70% of brokers use an affordability platform as part of the research process on at least two-thirds of their cases, but only one in five shop around for the best platform.

MBT’s study, which spoke to more than 400 brokers, came from its Affordability White Paper, which was commissioned as an independent study into the changing affordability landscape, how brokers integrate affordability into their advice process and how affordability can increase the number of lenders considered for a client, often changing lender recommendation.

MBT CEO, Tanya Toumadj, said the research was “encouraging” that many brokers use technology to assist their affordability research, but “also surprising” that a large number of brokers settle for the first platform they use.

“There are many different options available now and some are better than others,” Toumadj commented.

“For example, 64% of brokers said that accuracy was the most important feature of an affordability platform to help ensure they are selecting the most suitable lender, rather than just submitting a case and hoping for the best. However, different platforms offer different levels of accuracy.”

Toumadj added: “To test the accuracy of the platforms, an independent researcher then ran seven different case scenarios through the different platforms and matched these against actual lender calculators. MBT matched the lender calculator in all scenarios, giving more accurate results than the other platforms.

“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.”

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