Mortgage experts have called for greater collaboration within the industry to tackle legacy system issues, and to align consumer expectations with regulatory and technological change.
During recent debate held by Square 1 Media, experts discussed the Financial Conduct Authority’s recent review of mortgage advice and the need to simplify and streamline key parts of the transaction journey, including conveyancing.
Square 1 Media managing director, Paul Hunt, said: “The debate has grown into an essential forum for open and honest discussion on some of the most complex challenges facing our industry.
“From reforming leaseholds to improving data flow across the buying process, the insights shared by our panellists and audience highlighted just how much collaboration is already under way.
“I genuinely don’t think there’s another agency in the country that could bring together such an influential group and deliver a discussion as focused and worthwhile as this.”
Square 1 Media also pointed out that, while the session respected Chatham House Rules, it explored the practical hurdles to digitising the home buying process, and the role of smart data of interoperability.
The session also discussed the wider need for Government-backed frameworks to support data sharing.
CLSQ strategic development director, Spencer Wyer, added: “The Mortgage Market Debate continues to strike the right balance between ambition and realism.
“The mortgage process will only move forward if data, technology and policy are aligned, and events like this are vital to making that happen.”
The event was entitled ‘Modernising Home Buying and Selling – Data, Digitisation, and Leasehold Reform’, and featured a panel of high-profile industry figures.
The panel included Lloyds Banking Group head of BM Solutions, Leigh Church, UK Finance mortgage policy principal, John Baguley, JLM Mortgages group director, Sebastain Murphy, and Premiss Consultancy managing director, Esther Morley.
The panel was rounded out with Open Property Data Association non-executive director, Paul Albone.
tom.dunstan@ft.com
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