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Over half of lenders use systems ill-equipped for today's market according to new
research from Phoebus Software, the software house for lenders.
53% of lenders are servicing their mortgages on systems that cannot cope with the
increasing demands of the FSA and Government on delivery of TCF. The research was
carried out amongst 150 lenders in the secured lending market.
Paul Hunt, Managing Director of Phoebus Software, said:
“This is a worrying statistic. We were pleased to see June's FSA announcement on
tighter regulation of TCF but this research shows the majority of lenders are behind
the curve in being set up to deliver it. This is mainly due to misconceptions around
the process of up-dating legacy systems.
The fact is, there is no need to spend enormous sums of money up-front, and, it
is possible to use existing hardware and software as a platform for systems upgrades.
Phoebus is flexible enough to work on any existing system and can be implemented
on a rental basis, negating the need for heavy initial costs.
It is no good that some lenders are still burying their heads in the sand. The market
has changed, systems must change with it.” |
