The new facility allows Orbiter users to award lenders a rating on a five star scale, based on their experience of the lender’s service. Ratings will then be collated and an average listed alongside the lender names, in real time, to inform other advisers.
Based on broker experience rather than anecdotal, hearsay evidence, the system quickly distinguishes those lenders who consistently delight advisers with their service, from those who regularly disappoint, leading to increased confidence in brokers recommending lenders previously unfamiliar to them. Consequently, it is expected that service-focussed lenders and advisers alike will reap the rewards of quicker turnaround times, better communication and improved service in general.
Andrew Brown, Managing Director of Orbiter, says “Some lenders are ‘unknown quantities’ to some brokers, particularly one man bands, who may perceive a risk in dealing with them. Time is often of the essence, so brokers need to minimise risk of delays. Equally, one anecdotal, poor experience with a lender can leave a lasting impression, though it may not be a fair reflection of the lender’s usual level of service. Our lender service ratings address both of these matters; brokers are better-informed and lenders are given a fair assessment based on their service as experienced by a wider group.”
Derek McGuire, Director of Marketing Innovation Forum, says “Online business is perfect for sharing past experiences, good and bad. Buy something on ebay or Amazon and you can read reviews and ratings about the person selling it, to see whether they’ve been reliable with previous clients. Book a hotel room on expedia or hotels.com and you can read objective reviews and ratings on the room, the location, the breakfast, everything. Orbiter’s new Lender Service Ratings are a great help for brokers, and I’ll be surprised if we don’t see other sourcing systems follow Orbiter’s lead with this.”
Robert Kelly, Design Director at Orbiter, adds “We will continue to further distinguish Orbiter from the older legacy systems, which have proven less adept at harnessing technology to meet advisers’ changing needs. The Lender Service Rating facility is the first in a new wave of technological and innovative developments we’re announcing.”
