Ying Tan: Lenders should embrace technology
Lenders should embrace technology within the private rented sector in 2020, Ying Tan from Dynamo (pictured) explained in Accord Mortgages’ Growth Series podcast.
Focussing on what Tan would like to see from the new government, he said that the private rented sector is “needed more now than ever”.
He continued: “Let’s not make changes for change’s sake. Leave it alone and continue to keep going. Don’t undervalue the importance of this sector.”
Looking to areas of improvement, Tan believes that lenders should embrace technology to increase speed, efficiency and automation within the private rented sector.
Tan said: “The technology we’re talking about requires a joined-up approach, but as an industry we’re lacking this.
“I don’t think mortgage brokers can be replaced by robots, but tech can make us more efficient. As a business, we are focused on continuing our drive on automation and efficiency, adding value to the customer and client.”
Within the interview, Tan also explained that he believes brokers trying to advise landlords with predictions of the market are putting themselves at risk.
Tan said that proceeding the PRA’s supervisory statement on buy-to-let underwriting standards in 2016, there is now increased political stability, which creates an opportunity for the market to grow.
Chris Maggs, senior commercial manager at Accord Buy to Let, added: “Tan’s comments on the reams of documentation requirements will resonate with most brokers as it not only provides challenges for the adviser and customer to collate, but slows down the process and a lender’s ability to produce mortgage offers quickly.
“Acknowledging that certifying original documents can be a challenge in a digital age is why we removed that requirement in 2019.
“The sector has been subject to a lot of challenges and it was good to hear how Dynamo is continually evolving and looking for the next opportunity.”