Recordsure, a London-based technology firm, has just launched a Mortgage Market Review investigating recent impacts on the mortgage market, emerging trends and potential risks to regulatory compliance.
Recordsure has developed two insightful whitepapers around the UK and Australian mortgage industries, designed for those in the mortgage lending sector. The paper provides in-depth research into the market, examining the current and future challenges lenders face, especially those related to regulatory compliance. Aside from this, it presents advice on overcoming these challenges and mitigating the possibility of remediation.
The whitepaper was developed by Recordsure’s specialist team members, Steven Hewlett-Light, the Head of Product Delivery, and Jonathan Drechsler, Head of Business Development, both with extensive knowledge in working within the mortgage sector.
The UK mortgage sector faced unprecedented challenges last year, and this research piece delves into how the market reacted. For example, the introduction of the Stamp Duty Holiday in the UK, led to a spike in mortgage applications in a short space of time, with 66,300 mortgage approvals in July 2020, which was seven times higher than in May. Whereas on the opposite side of the spectrum, the Australian mortgage market faced serious decline due to the slowdown in the housing market, magnified further by the pandemic. During the lockdown last year, 900,000 Australians froze $274 billion of mortgage debt, amounting to one in nine mortgages.
“The mortgage sector underwent significant changes in 2020 and the ramifications will continue into 2021,” says Steven Hewlett-Light. “Regulatory risk has already been a great concern for many firms, the global pandemic accelerated the need to adopt regulatory technology to ensure compliance and reduce risks.”
Alongside statistical based research, the report has contributions from mortgage industry specialists, delivering an insider perspective, as well as predictions for the future. The paper aims to give advisors and lenders greater awareness of their markets so that they can act and prepare accordingly.
“The trends highlighted by this research study further indicate the urgency for firms to prioritise the integration of regulatory technology, focused on compliance and customer care.” comments Jonathan Drechsler.
Both papers are free to download and accessible via Recordsure’s website.