Almost three-quarters of brokers report that their workload has actually increased following lenders’ IT upgrades.

The poll of 500 advisers by cloud-based mortgage software provider Finova found that 73% say they are doing more admin since lenders have updated their platforms.

The findings may reflect slower processing times while brokers and support staff get to grips with new software, but also suggest that more could be done to improve workflow.

It comes despite some banks investing heavily in their digital tools.

The poll found that 46% of advisers reported that they  “always encounter glitches or issues” with lenders’ technology. 

It revealed that 58% of brokers are spending 5-10 hours per week on admin, while 41% are spending 11-20 hours.

Brokers report the most-time consuming aspects of processing applications include communicating with lenders over changing rates and criteria (48%), scanning and digitising physical documents (47%) and ensuring these documents meet quality standards (47%). 

Despite this, 90% brokers say that overall, lender technology has eased their workload to some degree.

Nearly two-fifths of brokers (38%) are calling for improvements in user interface and experience, while 37% want to see stronger security, faster platform speeds and better integration with their own systems. 

Access to responsive customer support and training is also a top priority for 37% of brokers.

Finova chief revenue officer Chris Little says: “Although mortgage product availability has improved, borrowers are still grappling with high rates and we’re yet to see meaningful reductions after the base rate cut. 

“In this ever-changing environment, brokers are under increasing pressure to process applications swiftly and accurately. 

“Collaboration between lenders and brokers has always been the foundation of a thriving industry, and our findings underscore the need for even closer collaboration. 

“By targeting tech investments in the right areas – like streamlining communication and improving system integration – lenders can free brokers time to focus on what truly matters: helping their clients secure the best possible mortgage to suit their financial circumstances.”