Thursday, July 7, 2022

Overall broker satisfaction with mortgage lenders rises 2.5%


Compared to the second half of 2020, lenders who improved often achieved greater broker satisfaction due to the speed and ease of the application process

Overall broker satisfaction with mortgage lenders has improved by 2.5% since 2020, according to Smart Money People’s Mortgage Lender Benchmark.

The rise saw the rating increase from 77.8% to 80.3% over the past six months, although overall satisfaction has not yet recovered to the peak seen in the first half 2020 of 82.70%.

The research found that more than half of mortgage lenders saw a rise in their overall rating.

Compared to results in H2 2020, lenders who improved often achieved greater broker satisfaction due to the speed and ease of the application process. Lenders have seen a decline in their overall rating in H1 2021 due to poorer customer service and underwriting.

The Mortgage Lender Benchmark also asked brokers how likely they are to recommend a lender, based on the Net Promoter Score, a measure of loyalty. Scores in H1 2021 range from +70.8 to -50.0, with the average across all lenders rising by 11.9 points to +24.7, from +12.8.

Jacqueline Dewey, CEO of Smart Money People said: The improvements in overall satisfaction in H1 2021 represent an increase up to an industry average of 80.3%, having dropped by 4.9%, an all-time low, from our last report in H2 2020.

This increase is encouraging and shows that the mortgage industry is now recovering from the effects of the pandemic. Lenders now seem to be comfortable with new working patterns and are better placed to cope with the incredibly high demand we’ve seen during the pandemic, she said.

She said: However, broker sentiment is not yet back to pre-pandemic levels and the results show that there is still more work that lenders can do to improve the broker experience.


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