Mortgage brokers have until the end of the month to share feedback about the last five lenders they’ve done business with
Financial services review website Smart Money People is calling on intermediaries to submit feedback to be compiled for its H1 2023 Mortgage Lender Benchmark.
From April 5, until the end of the month, mortgage brokers will be able to share their feedback about the last five lenders they’ve done business with, be it banks, building societies, specialist or lifetime lenders.
The bi-annual independent research study is aimed at highlighting which lenders are currently providing the best service levels to mortgage brokers and their customers. The results of the H1 survey are planned for release in June 2023.
This marks the tenth edition of the Mortgage Lender Benchmark, which also focuses on helping lenders understand what brokers really think about them and how they compare with other lenders. According to Smart Money People, the Mortgage Lender Benchmark delivers actionable insight and direct feedback that enable lenders to evaluate and develop their proposition.
Within the study, 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. The research will also ask brokers to rate the technology they use, including criteria and sourcing systems.
In the latest Mortgage Lender Benchmark, released in December 2022, over 750 brokers gave Smart Money People their feedback on 114 lenders. Alongside league table data, the benchmark contained detailed analysis on 51 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The December 2022 Benchmark found overall satisfaction with lenders fell from the H1 2022 figures, down 1.9% to 79.3%, falling below 80% for the first time since H2 2020. The average net promoter score (NPS) for all lenders within the benchmark was down 5.8 points on H1 2022 at +21.1. In addition, brokers revealed they were struggling to keep up to date with rapidly changing criteria and rates, with 43% relying on emails to keep updated with changes.
“The value of the advice process in the mortgage market has never been higher, but this means the spotlight is on intermediaries to secure the right products for their clients from the lenders who can best facilitate them,” Jacqueline Dewey (pictured), chief executive at Smart Money People, commented. “Our Benchmark research looks at which lenders are meeting expectations, who are exceeding them and who may not be meeting borrowers’ requirements.
“The market has been tough for all parties over the past year, and especially since the mini budget in September 2022. It will be fascinating to see how satisfied brokers have been with lenders during these challenging times.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
