OMS Insight
One Mortgage System Ltd (OMS)
Leading the way in mortgage technology and lender integration. Where technology meets mortgages!
August is often a challenging month, with many people taking well-deserved annual leave, making it hard to pin down key decisions. This, coupled with the recent base rate change, the industry has faced its share of uncertainty.?
At OMS, we recognised the need to step up during this period, as our system continues to be invaluable for users, saving both administrative costs and time, which is essential when the market is uncertain, and professionals are looking to enjoy their summer breaks.
While August may seem like a month of stagnation, we've been hard at work, adapting to our clients' needs and ensuring they’re ready for the industry's resurgence next month.
Event Highlights
In August, we had the pleasure of attending some key industry events:
As for September, we’re gearing up for some exciting events, already attending the Mortgage and Protection Senate, the IMLA Dinner, TMG Expo and later this month the MAE Expo in Manchester.
Revolutionising Client Relationships: An insight by our BDM, Laura Smith
The Growing Need for CRM Systems in the Mortgage Industry
With nearly a decade in the mortgage industry, I began at Fleet Mortgages as a Telephone BDM, later becoming their first Senior Telephone BDM. I transitioned to Marketing Executive, recognised as a finalist for Marketer of the Year at the Women’s Recognition Awards. Then moved on to Knowledge Bank, where I served as Sales and Marketing Manager before joining One Mortgage System last March as their first BDM hire. My focus has always been on delivering exceptional service and solutions tailored to meet the evolving needs of clients.?
In today’s challenging mortgage industry, advanced CRM systems have transitioned from a luxury to a necessity, for businesses. Through my work with clients, I've seen firsthand the substantial benefits CRM systems provide, including time savings, enhanced customisation, and seamless integration with essential tools. These efficiencies are crucial for staying competitive in an industry characterised by constant change due to regulations, pricing fluctuations, and other challenges requiring adaptability.
Users of our system save an average of 3 to 4 hours per case, equating to over 168,000 hours saved by users in 2022 alone; this efficiency allows professionals to devote more time to developing client relationships and less to administrative tasks. Its seamless integration with a wide network of providers ensures access to necessary tools and resources, from eID verification and credit bureau searches to valuation portals.?
This comprehensive approach simplifies workflows and supports the management of hundreds of customers, loan tracking, repayment processes, and secure compliance. This is critical as a trend I have noticed arise from conversions with my clients in the worries and concerns over the increase in regulations of our industry and this helps manage this. As compliance and regulatory complexity grow in the mortgage industry, CRM systems like OMS enable professionals to focus on their core business while efficiently managing regulatory requirements.
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Exciting Blogs and Press
Our blogs and press releases have been buzzing with new content aimed at providing you with valuable insights:
In late July through September, we hosted several insightful webinars, including:
Looking ahead, we have sessions with UnderwriteMe and GoCardless to be announced soon. Stay tuned for more details!
A Market Outlook from Dale Jannels, CEO at OMS
The UK mortgage market continues to show signs of stability, although some challenges remain. The Bank of England is predicted to hold the base rate steady in its upcoming review later this week, having fallen to 5.00% in August.
The market has seen rate reductions in fixed-rate mortgage deals, with the average five-year fixed rate now around 3.97%, down from 5.02% earlier in the year. Additionally, lenders are actively competing to attract borrowers, further driving down market rates.
First-time buyers continue to face affordability issues as 95% of loan-to-value products remain relatively expensive with an example two-year fixed product at 5.75%. ?Despite this, lender flexibility is helping new buyers, especially as house prices have seen some increases recently, with this believed to be driven by the recent rate reductions.
However, there remains a number of challenges across the market, with mortgage arrears on the rise due to the cost-of-living pressures and high borrowing costs. Overall, the housing market is expected to stay dynamic, and we are all hoping for further rate reductions later this year, adding some optimism for borrowers.
At OMS, our commitment is to support our brokers in navigating these market shifts. Our innovative tools and solutions enable brokers to remain competitive, providing the best services to meet their clients' diverse mortgage needs.