The Mortgage Lender Benchmark returns to find out which lenders are providing the best service to mortgage brokers and their customers.
391 brokers shared their opinion on 79 lenders as part of the first report which was released in December 2018. Alongside league table data, the study produced 32 pages of SWOT (strength, weaknesses, opportunities and threats) analysis on individual lenders, providing unique broker insight across banks, building societies, specialist and lifetime lenders.
From today until 12th May 2019, mortgage brokers will once again be invited to share their feedback about the last four lenders they’ve done business with.
The Mortgage Lender Benchmark is a bi-annual independent research study designed to help lenders learn what brokers really think about them.
Run by Smart Money People, the UK’s financial services review and insight business, 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. Smart Money People uses its proprietary machine learning algorithms to analyse the free text commentary left by brokers.
All free text is classified using a theme structure developed specifically for analysing broker feedback, meaning that we can accurately understand what really matters most to brokers:
Level 1: People
BDMs, customer service, skills & knowledge and accountability
Level 2: Product & Lending
Product range, rates, criteria, clarity of criteria, fees, proc fees and flexibility
Level 3: Process
Underwriting, ease of application, speed to completion, valuations, legals, communication, online portals, online tools and accuracy & consistency
Nate Harwood, Customer Success Manager at Smart Money People, said “With so many lenders reliant on brokers to deliver mortgage volume, the Mortgage Lender Benchmark sets out to provide actionable insight that helps lenders better understand what they need to do to deliver products and services that make happy customers. This research can also help lenders enhance their intermediary proposition and gain an advantage in an increasingly competitive marketplace.”
Mortgage networks and clubs will also be able to better understand how the feedback left by their brokers compares against that left by brokers across rival networks and clubs.
Brokers will receive a £10 Amazon voucher in return for sharing their thoughts.
To complete the survey or to find out more about our last report, please visit https://smartmoneypeople.com/mortgage-lender-benchmark