Broker satisfaction with the time mortgage lenders take to process applications through to offer has increased for a second consecutive time and is now at 74.2%, according to Smart Money People.
Adviser satisfaction fell to an all-time low during the pandemic at 67.2% in H2 2020, before rising to 73.7% in H1 2021. The all-time high for broker satisfaction with speed was recorded at the start of 2020 at 75.8%.
The findings form part of Smart Money People’s bi-annual Mortgage Lender Benchmark, which is released later this week and dissects the state of the mortgage industry according to the views of over 700 brokers.
The research from that broker satisfaction for the bank and building society sectors are now at an all-time high since Smart Money People’s Mortgage Lender Benchmark began in 2018. Banks have improved broker satisfaction with speed by 7.1% from H1 2021 to 81.30%, which is an increase of 13.4% from 12 months’ ago. Building societies have increased by 6.5% from H1 2021 to 81.7%, up 15.7% from 12 months’ ago.
Lifetime lenders have also improved broker satisfaction with speed over H2 2021, and are now rated at 77.9%, the highest recorded figure since 2018. The research found that specialist lenders do not rate so highly for speed to process applications through to offer in the eyes of brokers, at 62.5%, which is an increase of 0.3% from H1 2021, and has not yet returned to the peak of 63.9% at the end of 2018.
Jacqueline Dewey, CEO for Smart Money People, said: “The continued growth in broker satisfaction with lender speed to process applications through to offer demonstrates that the mortgage industry is returning to normality from the disruption seen since March 2020 and the high demand within the market over the last two years thanks to incentives such as the stamp duty holiday, and a return to the offices for some lenders.
The fact that banks, building societies and lifetime lenders have now received their highest level of broker satisfaction for speed since our benchmark began in H2 2018 is testament to the hard work put in by these lenders over the last six months as the market calms down. We would naturally expect specialist lenders to rate lower for speed due to their nature of their complex applications, however a difference of almost 20% in broker satisfaction is surprising.”
