Today we are launching our Mortgage Lender Benchmark H1 2022. The eighth edition aims to find out which lenders are providing the best service to mortgage brokers and their customers.
From today until the end of April, 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. This research will also ask brokers to rate the technology they use, including criteria and sourcing systems.
Jacqueline Dewey, CEO of Smart Money People, said “Our last report in December 2021 showed that broker satisfaction was almost back to pre-pandemic levels. 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.”
Our Mortgage Lender Benchmark, launched in 2018, is a bi-annual independent research study that helps lenders to understand what brokers really think about them, and how they compare with other lenders. We ask brokers about lenders’ criteria, speed, eligibility, communication, and relationship managers. We also ask brokers to share what they like about each lender and what could be better. The Benchmark offers lenders actionable insight and feedback from brokers to enable them to understand and develop their proposition.
In our last Mortgage Lender Benchmark, released in December 2021, over 770 brokers gave us their feedback on over 100 lenders. Alongside league table data, the Benchmark contained a detailed analysis of 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 H1 2021, and up 3.5% from the lowest recorded score in H2 2020 of 77.8%. The average Net Promoter Score (NPS) for all lenders within the benchmark increased by 2.4 to 27.1 in H2 2021, with specialist lenders seeing the biggest improvement in the NPS, registering an increase of 15.8 from -3.5 in H1 2021 to 12.3 in H2 2021.
To find out more about the Smart Money People Mortgage Lender Benchmark contact us at [email protected]