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Lender enquiries for new systems up 75%

30 July 2010

Serious enquiries from mortgage lenders for new systems and software have risen 75% in 2010 according to Phoebus Software, the software house for lenders.

Increased lender confidence and improving market conditions are tempting lenders into updating their systems. Phoebus Software experienced its busiest first half in six years with the number of serious enquiries between January and June nearly doubling compared to the same period last year.

Enquiries have come from a combination of new companies entering the lending market and established lenders wishing to increase their activity.

Paul Hunt, managing director of Phoebus Software, said:

“Our phones have been ringing off the hook with lenders enquiring about updates to their systems as well as total system overhauls. Our rental model has allowed businesses to renew their IT without huge upfront costs which is very attractive in this environment.”

This is an encouraging sign of increased confidence and stability in the mortgage market there are factors holding back the companies that want to lend.

Hunt, continued:

“Even with all the will in the world, lenders – existing and new – are still suffering from an inherent lack of funding in the market. Tranches of £100m here and there are great but their not going to solve the funding shortfall. Similarly, obtaining a licence to lend from the FSA is proving harder than motivating the England football team. Until something is done to help the lending industry close this gap and lend at appropriate levels we're not going to see any significant recovery in the market.”

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