Twenty7tec reports 20% Year-on-Year Increase in Mortgage Application Submissions via APPLY
Leading advice tech business Twenty7tec has confirmed a 19.6% year-on-year increase in mortgage application submissions via APPLY, significantly outperforming the wider market where its reporter volumes are substantially down versus 2022.
APPLY streamlines the mortgage application submission process by acting as the single transmission point for all data and documentation relating to a mortgage application.
As it’s integrated with multiple adviser CRM systems, it reduces the need to re-key data as part of the application process, increasing accuracy and reducing time spent on data entry. It’s currently connected with 14 lenders, with more due to go into pilot in Q1 2024.
James Tucker, CEO of Twenty7tec, commented, “In a challenging market and one where product transfers have played an ever-increasing part, it has been pleasing to see the use of APPLY continue to grow at a consistent pace – advisers are seeing the substantial time-saving benefits of using a solution seamlessly integrated with lender systems. This time-saving benefit enables them to spend more time doing what we know they do best, giving exceptional advice to their clients”.
Tucker continued, “There is still a great deal more that we as an industry can do to encourage the adoption of solutions like APPLY that can really save advisers meaningful time in their day. Total application volumes via APPLY in 2023 were a little below 50,000 – and as such, there is significant room for continued volume growth in 2024 and beyond”.