As the mortgage market continues to endure a tumultuous year, Smart Money People’s Mortgage Lender Benchmark today returns to find out which lenders are providing the best service to mortgage brokers and their customers.
This is the fifth edition of the Mortgage Lender Benchmark, a bi-annual independent research study that helps lenders to understand what brokers really think about them, and how they compare with other lenders. 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.
From today until mid-October, 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 “The coronavirus crisis has seen the mortgage market whipsaw in recent months. As lenders weather this sea-change with varying success and are braced for more turbulence ahead, the Mortgage Lender Benchmark provides them with an actionable insight to better understand, and ultimately enhance their intermediary propositions.”
The benchmark will also help Mortgage networks and clubs to better understand how the feedback left by their brokers compares against that left by brokers across rival networks and clubs.
In our last Mortgage Lending Benchmark, released in June 2020, over 460 brokers gave their feedback on 90 lenders. Alongside league table data, the benchmark contained over 40 pages of SWOT analysis on individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The June 2020 benchmark identified an increase in the overall satisfaction of brokers with the lenders they do business with, although a wide gap remained in the performance of individual lenders, with the highest rated lender achieving an NPS of +73.1, and the lowest receiving a -40.0 score. Broker sentiment around product range, clarity of criteria and communication declined. One broker sharing his experience of a high street lender said “During COVID-19 their communication was poor, and left clients hanging for valuations when other lenders managed the situation a lot better.”