Brokers have until end of the month to share feedback
Smart Money People’s Mortgage Lender Benchmark is returning for its eighth edition, outlining which lenders are providing the best service to mortgage brokers and their customers.
Brokers are asked about lenders’ criteria, speed, eligibility, communication, and relationship managers. They are also asked to share what they like about each lender and what could be better.
Mortgage brokers have until the end of April to share their feedback about the last five lenders they have done business with, be it banks, building societies, specialist, or lifetime lenders. The research will also ask brokers to rate the technology they use, including criteria and sourcing systems.
The Mortgage Lender Benchmark, a bi-annual independent research study run by Smart Money People, helps lenders understand what brokers really think about them, and how they compare with other lenders.
In the previous Mortgage Lending Benchmark, released in December 2021, over 770 brokers gave Smart Money People their feedback on over 100 lenders. Alongside league table data, the benchmark contained detailed analysis on over 45 individual lenders, providing a unique broker insight on banks, building societies, specialist, and lifetime lenders.
The December 2021 Benchmark found overall satisfaction with lenders was 81.3%, an increase of 1% from the first half of 2021, and up 3.5% from the lowest recorded score in the second half 2020, which was 77.8%.
“Our last report in December 2021 showed that broker satisfaction was almost back to pre-pandemic levels,” Jacqueline Dewey, chief executive at Smart Money People, said. “As mortgage customers now face challenges with the rising cost of living and record inflation, we’re keen to see how brokers feel lenders are managing, and how much of an impact brokers think these economic factors will have on their clients.”
