Lendi reports high borrower activity

The digital loan platform has reported strong mortgage activity in January, noting pressure on banks to keep up, according to its latest report.

Online brokerage Lendi has revealed a 41 per cent increase in mortgage applications in January 2021 (1-27 January 2020), compared with the same period last year.

Noting that the platform had also seen a 33 per cent year-on-year increase in the value of unconditional loan approvals processed during December, the mortgage platform has now forecast that the trend will continue for 2021.

However, its co-founder and CEO, David Hyman, has warned that lenders will be under pressure to keep up with demand, noting recent blowouts in turnaround times.

According to the Lendi Home Loan Report 2020, which captured data from more than ​7,250 settled loans in the calendar year 2020, turnaround times have been impacted since the COVID-19 pandemic began.

Indeed, the data echoed recent finds from AFG and Broker Pulse, which show that turnaround times are at new highs, particularly for refinance activity.

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Source: Lendi reports high borrower activity – Mortgage Business