How can mortgage brokers overcome antiquated processes in 2023?

Having to make sense of the different processes used by conveyancers, many of which are old-fashioned and time-consuming, can create a real headache for mortgage brokers.  

In this article, one of four focused on overcoming the top four challenges faced by mortgage brokers, we will discuss how Optimus is helping mortgage brokers to overcome the complexities of the conveyancing process and why this is so important.  

Why are processes a challenge for mortgage brokers?  

As a mortgage broker, navigating often complex, differing, and ever-changing conveyancing processes is necessary because it allows you to:  

  • Advise and update your clients on their property transaction  
  • Understand your administrative and legal duties and responsibilities (i.e. identity/AML checking)  
  • Assist in overcoming any problems, and  
  • Ensure you get paid  

Unfortunately, there are many challenges for mortgage brokers when it comes to gaining an full picture of each transaction, including:  

  • Variation of process between different Solicitors  
  • Frequent regulatory changes  
  • Lack of visibility of progress for each transaction   
  • Old-fashioned paper-based processes can be extremely time-consuming and prone to error, and  
  • Understanding the underlying reasons for delays  

How can mortgage brokers navigate the conveyancing process?  

With Optimus by your side, you can be assured that you will never be left to navigate the conveyancing process alone. As an intermediary shuttling between the mortgage broker and our conveyancing board members, we do the “leg work”. It is our job to understand the complexities of the conveyancing processes so that you don’t have to. And because we speak your language, our customer service team will explain what you need to know in a way you understand.   

Final words  

As a mortgage broker, you have enough to do finding new prospects and arranging mortgages for new and existing clients. Having to familiarise yourself with and navigate often complex conveyancing processes places an unnecessary burden on your shoulders. Thankfully, by choosing Optimus, we can lift this weight from you, allowing you to focus on what you do best in the knowledge that your clients are happy and you are always compliant with your legal obligations.  

To find out further insights and recommendations on how to face these challenges head on and maximise revenue potential click below:

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