There's one application platform that dominates the industry, but some brokers are asking lenders to do what they can to ensure more choice, starting with MorWEB.
is currently favouring brokers who use Marlborough Stirling’s MorWEB online application software, offering a 5 bps subsidization to move away from the industry standard of D+H’s Expert.
One broker – who admittedly would prefer to use the old LSS phone method over the current internet method – would welcome an alternative option from lenders for brokers to choose from.
“I’ve found Filogix to be a lot of work – it is all over the place,” says George Dannewald, a broker with Dominion Lending Centres
in Barrie, Ontario, who has struggled with the system since switching his accustomed method. “But I’ve got to use it. LSS was a lot easier to use – it was just one page.”
Although Dannewald doesn’t use Scotia as his lender – primarily dealing with RMG
and Merix – he would like an opportunity to at least try out MorWEB.
“I’ve heard that MorWEB is easy to use,” he told MortgageBrokerNews.ca. “I would like to try MorWEB.”
Davis and Henderson have had a near-monopoly on the mortgage origination technology market, traditionally controlling a little more than 90 per cent. But now Marlborough have significantly reduced their price – posing a significant challenge to D+H.
Dannewald misses the non-Internet telephone system LSS (Lender specific System) when he was with the Mortgage Centre, stating that it was “totally user friendly between us and the lenders, easily able to produce many reports, and you could see a lot more of the client’s information on the screen.”
Marlborough Stirling, the company responsible for MorWEB, recently made enhancements to the popular broker sales platform, partnering it with the cloud computing system OTTO.
OTTO allows brokers to manage their entire business process in one system without the need for hard connection to the IT infrastructure.